The assets under management of Portfolio Management Services and Alternative Investment Funds have increased at a CAGR of 31 per cent over the last 10 years, to ₹23.43 lakh crore as of September-end, from ₹1.54 lakh crore.

According to the data compiled by PMS Bazaar, the PMS industry has expanded nearly sevenfold to ₹8.37 lakh crore from ₹1.27 lakh crore in the last 10 years, with the number of SEBI-registered portfolio managers rising to 495.

The AIF segment commitments registered a CAGR of 49 per cent, rising from ₹27,484 crore to ₹15.05 lakh crore over the last 10 years. This surge underlines a growing appetite for private equity, venture capital, private credit, real estate, and other structured strategies that transcend public-market limitations.

Among Category II AIFs, the steepe

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