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India’s PMS & AIF Industry Records Decade-High Growth; GIFT City Emerges As Capital Gateway: Report

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India’s PMS & AIF Industry Records Decade-High Growth; GIFT City Emerges As Capital Gateway: Report


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AIFs and PMS see rapid growth among HNIs, with AIF assets reaching Rs 15,05,372 crore by 2025.

Alternative Investments Surge as PMS–AIF Ecosystem Enters High-Growth Phase

Alternative Investments Surge as PMS–AIF Ecosystem Enters High-Growth Phase

Alternative Investment Funds (AIFs) and Portfolio Management Services (PMS) are drawing investors interest in current times, especially high net worth individuals (HNIs). According to data from the PMS & AIF Special Edition 2025, AIFs have grown 49.23 per cent CAGR from Rs 27,484 crore in 2015 to Rs 15,05,372 crore in 2025, majorly driven by category II and III. The last two categories of AIFs covered private equity, private credit, hedge funds and structured products.

Category II alone expanded to Rs 11,20,589 crore, while Category III rose to Rs 2,92,398 crore, the report added.

Meanwhile, PMS assets under management jumped from Rs 1.27 crore in 2015 to Rs 8.37 crore by September 2025, reflecting a growth of 20.75 CAGR.

The market is set to increase in leaps and bounds hereafter, thanks to rising affluent investors. The number of Indians with over $1 million in net worth is expected to rise to 19.4 lakh by 2030, the report added. It would lead to strong demand for customised strategies, diversification, and higher alpha.

Meanwhile, GIFT City IFSC has emerged as a major hub for cross-border capital. AIF commitments raised at GIFT jumped from $5.5 billion in 2023 to $26.3 billion by 2025. Category III funds, supported by feeder structures, showed exceptional acceleration, hitting $10.15 billion by mid-2025. Inbound investments through GIFT rose more than five times during the same period.

The report highlights that India’s alternative investment ecosystem is now moving from “choice to necessity”, as investors seek resilience and long-term wealth creation. With rising wealth, strong regulation and global integration, the next decade is expected to be dominated by alternatives.

Varun Yadav

Varun Yadav

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More

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Could a digital twin make you into a ‘superworker’?

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Could a digital twin make you into a ‘superworker’?



Firms say digital twins make staff more productive, but are they a potential legal minefield?



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Netflix co-founder Reed Hastings to step down as chairman

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Netflix co-founder Reed Hastings to step down as chairman



Hastings set up the company in 1997, when it rented DVDs to customers and delivered by post.



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Trump nominates Erica Schwartz as CDC director amid turmoil around leadership, vaccine policy

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Trump nominates Erica Schwartz as CDC director amid turmoil around leadership, vaccine policy


Rear Admiral Erica G. Schwartz.

U.S. Department of Health and Human Services

President Donald Trump on Thursday nominated Erica Schwartz to serve as director of the Centers for Disease Control and Prevention, concluding a monthslong effort to choose a permanent leader of the embattled health agency. 

Schwartz, who will have to be confirmed by the Senate, would take over the role as Health and Human Services Secretary Robert F. Kennedy Jr. oversees a string of controversial health policy changes at the agency, including an overhaul of childhood vaccine recommendations.

Schwartz served as deputy surgeon general during the first Trump administration, where she played a major role in the U.S. response to the Covid-19 pandemic. She spent more than 20 year in uniform, including as rear admiral and chief medical officer of the Coast Guard.

Dr. Jay Bhattacharya had been acting director of the CDC — a title that expired last month under federal law. That law, called the Vacancies Act, limits the amount of time an acting officer can serve in place of a Senate-confirmed official to 210 days. 

Late last month marked 210 days since the most recent CDC director, Dr. Susan Monarez, was fired

A sign sits outside of the Centers for Disease Control and Prevention (CDC) Roybal campus in Atlanta, Georgia, U.S. March 18, 2026.

Megan Varner | Reuters

She has so far been the only person to serve as a confirmed CDC director during Trump’s second term, holding the role for under a month last summer. In congressional testimony in September, Monarez said she was fired after refusing Kennedy’s demands to approve vaccine recommendations she believed lacked scientific support.

It is unclear how Schwartz’s views on vaccines or other key public health policies compare with Kennedy’s.

Also on Thursday, Trump said he chose Sean Slovenski as deputy CDC director and chief operating officer, and Jennifer Shuford as deputy CDC director and chief medical officer. Shuford, as head of the Texas Department of State Health Services, led the state’s response to a massive measles outbreak last year, and credited vaccination and testing in declaring it over.

Schwartz’s nomination comes after a tumultuous several months for the agency, which is reeling from the leadership upheaval, plummeting morale, significant staff turnover and controversial changes to U.S. vaccine policy. Ahead of leadership departures last year, staff members were shaken by a gunman’s attack on the CDC’s Atlanta headquarters on Aug. 8. 

Last month, a judge blocked a critical vaccine panel’s efforts to overhaul U.S. immunization policy. That includes an effort to reduce the number of recommended childhood shots from 17 to 11.

Trust in federal health agencies has plummeted during Kennedy’s tenure as Health and Human Services secretary, according to a February poll from health policy research group KFF, with declines across the political spectrum.

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