Unveiling the Dynamics of Alternative Investment Funds (AIFs): A Comprehensive Analysis of Their Role in Capital Formation in the Indian Financial Landscape

Unveiling the Dynamics of Alternative Investment Funds (AIFs): A Comprehensive Analysis of Their Role in Capital Formation in the Indian Financial Landscape | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article Unveiling the Dynamics of Alternative Investment Funds (AIFs): A Comprehensive Analysis of Their Role in Capital Formation in the Indian Financial Landscape Vethamuthu Richard Paul This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5277525/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract This study delves into the intricate dynamics of Alternative Investment Funds (AIFs) in the context of the Indian financial landscape. The primary focus is on understanding how these factors influence gross capital formation, making AIFs increasingly integral to capital-raising activities in the Indian economy. By employing pooled data, this research sheds light on the multifaceted investments made by AIFs and their role in shaping the future of capital formation. The study reveals that AIFs, with their encompassing categories I, II and III of investment avenues, can play a pivotal role in transforming traditional investment practices. The findings underscore the significance of AIFs in offering alternative avenues for investment, providing a way forward for traditional investors. The implications of these results extend to policy considerations, particularly for developing countries exploring innovative approaches to capital formation. Other Business Finance Alternative Investment Funds Capital Formation Policy Implications Investment Decisions Hedge Funds Venture Capital Figures Figure 1 Figure 2 Figure 3 1. Introduction Alternative Investment Funds (AIFs) play a vital role in India by providing that alternative investment beyond the traditional investment such as stocks and bonds. It provides investors with a variety of alternative assets, for instance private equity, hedge funds, real estate and infrastructure. AIFs contribute to capital formation by channeling funds into sectors and projects that may not be easily accessible through traditional investment channels. This is particularly crucial while providing support for the growth of startups, small and medium enterprises (SMEs), and other sectors requiring capital infusion. Alternative Investment Funds in India serve as dynamic and adaptable financial vehicles that contribute to capital formation, support innovation and entrepreneurship, and moreover, it provides investors with diverse and sophisticated investment opportunities. These investment modes are required to adhere to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. (Bharathan, S. K., & Rao, G. 2017). The Indian capital markets (SEBI Report 2022–2023) enabled the mobilization of resources totaling Rs. 9.8 lakh crore in 2022–2023 a 4.6% increase over 2021–2022. Corporate and infrastructure entities raised money from the market through the use of instruments like debt (public and private placement), equity (public, rights, preferential, and QIP), Alternative Investment Funds (AIFs), Real Estate Investment Trusts (REITs), and Infrastructure Investment Trusts (InvITs) to finance their needs. The equity and debt divisions accounted for Rs. 9.2 lakh crore of capital formation a considerable share of total resources. Insert table 1 According to Financial Stability Review (2016), AIFs in Europe operate without regulatory leverage limits. Since mid-2013, AIFs have been regulated under the Alternative Investment Fund Managers Directive (AIFMD). The European Parliament and the Council (SEBI Report. 2015) have come out with a proposal for a Directive on Alternative Investment Fund Manager (AIFM) such as Hedge Funds and Private Equity Managers. 1.1. AIFs Global Experience Globally, alternative investment funds, or AIFs, have become more well-known as investors look for diversification outside conventional asset classes. Accredited investors' and institutional investors' capital are pooled by investment funds, or AIFs, in order to invest in a variety of assets, strategies, and other instruments that are not classic investing categories like stocks and bonds. In fact, AIFs entail more than just investing capital in high-risk ventures. Generally speaking, investors in AIFs participate actively in the company's management by usually sitting on the board. Venture capital firms focus on the founders, the management team, the idea, the market, the revenue model, the value-added potential of the company, the amount of capital required to turn the business around, and whether or not all these align with the fund's goals throughout the due diligence process. For the financial market to operate fairly and effectively, alternative assets must be regulated. Another method (Chambers, D. R., 2015), defining specifically which investments are regarded as alternative, is one form of identifying alternative investments. It classifies four types of alternative investments: Insert table 2 It is important that Alternative Investment Funds be acknowledged in India as a separate asset class from promoter holdings, creditors, and public investors. AIFs classification start from SEBI, and its structure is presented in Fiqure.1. 1.2. How Alternative Investments system works in India Investment options that do not belong to the usually followed investment classes such as stocks, bonds, and cash are referred to as alternative investments in India. Many advantages can be found in these options, which are frequently seen as non-traditional or unusual. In conclusion, AIFs are essential to capital formation because they direct capital into a range of alternative assets, promote economic growth, and give investors chances for returns and diversification. In India considering Alternative Investment Funds is necessary (SEBI Report. 2015). AIFs are defined in Regulation 2(1)(b) of Securities and Exchange Board of India Act, 1992 (15 of 1992). ‘Alternative Investment Funds (AIFs)’ means pooling or raising of private capital from institutional or High Net Worth Investors with a view to investing it in accordance with a defined investment policy for benefit of those investors and includes private pool of capital such as private equity funds, Venture Capital Fund, PIPE Funds, Infrastructure Debt Fund, Real Estate Funds, Social Venture Fund, Strategic Funds, SME Fund etc. such other similar funds as may be specified by Board, presently not covered under the SEBI (Mutual Funds) Regulations, 1996, and SEBI (Collective Investment Schemes) Regulations, 1999 or any other regulations of SEBI to regulate fund management activities. Reforms to promote AIFs (SEBI Report. 2011) in these propitious conditions are well justified as they can significantly increase this steady source of long-term risk capital. With the rising demand for sizable amounts of capital to be invested in India, the AIF industry has a critical need to increase the pool of talented India-based Fund Managers with access to a better and larger deal flow i.e. a strong pipeline of investment opportunities in India. The commitment raised by AIFs increased by 30% in 2022–2023 to Rs. 8.34 lakh crore, up from Rs.6.41 lakh crore at the end of 2021–2022. The following chart shows the flow chart of AIFs in India. Insert Fig. 1 There are 3 categories of AIFs in India. 1. Category I: This covers venture capital funds, Infrastructure funds, Social Venture Funds and SME Funds. 2. Category II: The second one includes include private equity funds, debt funds fund and fund of fund. 3. Category III: This covers hedge funds, PIPE Funds, etc. (Singh, D., et al. 2019 ). Each category mobilizes fund in different heads viz. Commitments Raised (CR), Fund Raised (FR), and Investment (IM). 2. Review of Literature India is a renowned prosperous nation for traditional investment. Moreover, ever since Indian start-up environment began to expand, investors have been attracted towards AIFs concept and application of the capital formation and pooled fund from different sources. The 1987 stock market crisis sparked a significant interest in alternative investment funds (AIFs) among pension fund executives and trustees. (Healey, T. J., & Strong, H. 2000). Over time, the amount of capital invested in AIFs has increased. With a compound annual growth rate of 29%, the total amount invested in AIFS increased from $ 91 billion to $ 152 billion. In the survey's framework, real estate and hedge funds were not regarded as alternative investments. When (Morley, I. 2001 ) beliefs about alternative asset investing are a manifestation of the philosophical paradox that suggests people frequently confuse perceptions of events with actual events. Black, K. ( 2014 ), in his paper pointed out that the meant private equity or hedge funds when he said about alternative investments. Karavas, V. N. (2000) explain the traditional investments still account for investment, a proportion has been allocated to alternative investment vehicles. Private equity, venture capital, leveraged buyouts, securities, private debt, and farmland are often considered to be examples of alternative investments. While (Schneeweis, T. and Spurgin, R.B., 1999.) the majority of portfolios devoted no more than a basic proportion to alternative investments, institutional portfolios contain more than one-fourth of these assets. Market structure and security design have accompanied the monetary growth in traditional and alternative investments. In India, an Infrastructure Fund typically refers to a type of mutual fund or investment fund that focuses on investing in infrastructure-related projects and assets. These funds channel investors' money into various infrastructure sectors such as transportation, energy, telecommunications, and other public utilities. O’Brien, P., & Pike, A. ( 2015 ) in their article analyse innovative funding methods for infrastructure systems are known as infrastructure financing. The quest for novel and creative funding sources for infrastructure systems depends heavily upon governing infrastructure financing at the rural and urban areas. According to Mansilla, P., & Vassallo, J. M. (2020), The Chilean Infrastructure Fund (CIF), established by the Chilean government, works to promote the country's current infrastructure assets. The fund will allow the government to receive new concessionaires' fees for infrastructure projects. Social Venture Fund in India generally refers to a fund that specifically focuses on supporting and financing social enterprises. These ventures often operate with a "double bottom line" approach, emphasizing both social impact and financial sustainability. Rajan, A. et al.(2014) in their study state that majority of social venture funds are gathered from investors through investments that are better for the welfare of society. Evidence from the microfinance sector indicated that one of the key considerations for investment was the investee company's scale. Small and medium-sized businesses (SMEs) account for a sizable share of economic activity and are key forces behind global economic growth. (Boocock & Shariff, 2005). Subrahmanya, M. B., et al. (2010), in their study examine that the technical expansions made by SMEs in Bangalore. Gilmore, A. ( 2011 ), in his study presents the ways in which SMEs modify conventional marketing frameworks to fit their unique business needs, employ networks to enhance their operations, use and hone marketing management skills, and attempt to employ and innovate marketing. Rao, P., et al. ( 2019 ) their research focuses on the capital structure choices in their research focus made by Indian SMEs. Gilmore, A., Carson, D., & Grant, K. ( 2001 ) explore their research on the traits of SMEs and how these affect the traits of marketing inside SMEs. Yadav, V. et al. ( 2019 ), in their analysis revealed a positive correlation between lean implementation and the firms' operational performance. The researchers pay attention to the factors that impact small and medium-sized businesses' (SMEs) in India as they expand internationally. P. R., & Javalgi, R. R. G. (2007), analyze the significance of fostering entrepreneurship in order to help Indian SMEs gain a competitive edge in global markets. Saleh, A. S., & Ndubisi, N. O. (2006), Das, K. ( 2007 ), investigated in order to identify challenges which would act as a first step for designing a workable framework suitable for SMEs with view to overcome the challenges. Even though researchers found a detailed strategic policy framework Indian SMEs progress has been restrained by poor credit availability, insufficient technology and incomplete infrastructure covering both physical and economic aspects. In addition, the challenge faced by the policy is twofold: one is broad-based benefits to SMEs of various regions and sectors; another is focusing on the role of SMEs in generative decent employment. Another study by (Kaur, A., & Sharma, P. C. 2016. Knight, G. A. 2001, Raju, G. A., & Kurpad, M. 2013). Identifies the obstacles as a constructive starting point for creating a practical framework that would enable the SMEs to conquer them A Private Equity (PE) fund is a financial vehicle that pools the capital of institutional and wealthy investors to finance investments in private companies. Thillairajan, A., & Menon, S. ( 2014 ) examines the PE funding in their article. Attracting PE investment also heavily depends on the general attributes of the operational environment. The following authors analyse the private equity fund. (Dugar, P., & Pandit, N. 2017 , Phalippou, L., & Gottschalg, O. 2009 , Ippolito, R. 2007 ). Private equity generally differs from other traditional financial assets and those assets (Cumming, D. (Ed.). 2009, Metrick, A., & Yasuda, A. 2010 ) determine notable distinctions between buyout and venture capital funds. Jenkinson, T., et al. ( 2013 ). These interim appraisals of their current fund are used by private equity firms to market their next fund. The reported performance is contingent upon the remaining portfolio firms' valuations. Gohil, R. ( 2014 ), evaluations of the private equity funds' existing investments in India. Debt fund is a kind of mutual fund, the objective of debt funds is to generate regular income for investors while preserving the capital. Khandelwal, M., & Khanapuri, V. ( 2015 ) According to their research, the availability of debt and equity financing for infrastructure development projects is correlated with its progress. Kraemer-Eis, H., et al. ( 2014 ), the market niche for debt funds is examined in this article. Burgan, B., et al ( 2012 ) their research on infrastructure investment which shows that it boosts competitiveness, productivity, and the ability of the public and private sectors to provide high-quality services. Lambert, D. ( 2014 ), investigates infrastructure debt funds’ challenges. A ‘Fund of Funds’ in India is a type of mutual fund. In simpler terms, it's a mutual fund scheme that pools money from investors and then invests that money in a diversified portfolio of other mutual funds across different asset classes. In their study, they attempt of determine whether the declared or implemented approach used as a numerical justification is suitable for the fund of funds policy. (Miceli, M. A., & Susinno, G. 2004, Conlon, T., et al. 2007 , and Miceli, M. A., & Susinno, G. 2004). Brophy, D. J., & Guthner, M. W. 1988) majority of the funding used by venture capital investment firms to finance new growth enterprises comes from institutional investors. In essence, every institutional investor oversees a "fund of funds," making an effort to lower the venture's risk by applying the ideas of portfolio theory. Brands, S., & Gallagher, D. R. (2005), conclude that the diversity and performance characteristics of active Australian equities fund-of-funds. When a fund-of-funds portfolio consists of roughly six active equity funds, the majority of the benefits of diversification are realized. A hedge fund is a type of pooled investment vehicle that uses a variety of approaches to generate profits for its shareholders. Titman, S., & Tiu, C. ( 2011 ), explain in their article that hedge funds with greater knowledge opt to be less exposed to factor risk. Capocci, D., & Hübner, G. ( 2004 ), examine the performance of hedge funds with different asset pricing models. Fung, W., & Hsieh, D. A. (2004), in these article challenge the traditional methodology. Rather, the paper suggests a model of hedge fund returns with dynamic risk-factor coefficients that are akin to models based on arbitrage pricing theory, building on earlier work on asset-based style factors. Stulz, R. M. (2007), examines the performance gap between hedge funds and mutual funds. Liang, B. ( 2001 ), showed that the returns from hedge funds had the highest volatility. Fung, W., & Hsieh, D. A. (1999), provide some insight into how hedge fund performance varies from that of conventional mutual funds, as well as a justification for the way hedge funds are structured. Asness, C. S., et al (2001), have observed the return and diversification benefits of hedge fund investing. While the stock market still remains near all-time high valuations, the investors view that hedge funds would provide protection from a market correction. This view must be considered as a serious issue. Private Investments in Public Equity (PIPEs) is a type of financial transaction involved in by private investors or institutions. This investment is typically made through the sale of newly issued shares or other securities directly to the private investors, bypassing the public markets. In the context of India, PIPE transactions are governed by the regulatory framework set by the Securities and Exchange Board of India (SEBI). Gerhard, F. ( 2008 ), has examined whether PIPEs are appropriate for funding growth in addition to recapitalization. Andriosopoulos, D., & Panetsidou, S. ( 2021 ) analyze whether the practice of raising equity capital through Private Investments in Public Equity, or PIPEs, has gained traction. The study concludes that the favorable impact of institutional frameworks on PIPE performance can be explained. Kalsie, A., & Arora, A. ( 2015 ), found a significant drop in the investment in their analysis. Huang, R.,et al ( 2008 ), using a sample of Private Investments in Public Equity (PIPEs), investigate the networking role of investment banks in capital markets. 3. Rationale for the Present Study After completing the review of the literature, a researcher would ask why we need another study. Some factors serve as the foundation for the current study's reasoning: Alternative Investment Funds (AIFs) have gained prominence in recent years as a crucial component of the financial landscape. Given their increasing role in capital markets, there is a need to understand their dynamics comprehensively. AIFs play a vital role in capital formation, especially in providing alternative investment avenues beyond traditional instruments like stocks and bonds. Investigating their impact on capital formation in the Indian context is crucial for both policymakers and market participants, understanding how AIFs function is essential for investors seeking diversification and alternative investment strategies. Analyzing their role provides insights into how investors perceive and utilize AIFs in their portfolios. AIFs can make considerable impact on India’s economic growth and its stability. An assessment of their role in capital formation will prove that it contributes to a broader understanding of their economic implications for India. Analyzing the regulatory framework, tax aspects, and operational hurdles faced by AIFs will highlight challenges hindering their growth and potential solutions. The present study focuses on the rationale for conducting a comprehensive analysis titled "Unveiling the Dynamics of Alternative Investment Funds (AIFs): A Comprehensive Analysis of their Role in Capital Formation in the Indian Financial Landscape: a way forward" can be multifaceted. Here are some potential reasons: 4. Objectives of the Study The primary objective of the study is to examine the of the presence of dynamic nature of AIFs and a comparative analysis of their role in capital formation in the Indian financial landscape. The primary objective is split into the following sub-objectives: To assesses the role of capital formation of AIF from 2013 to 2022 in India. To explain the relationship and analysis of AIFs effect, and offer suggestions to investors about the consequences of capital formation impact in India. To give guidelines for future research concerning AIFs effect in the Indian context. 5. Hypothesis The objective of the current research paper is to empirically assess the AIFs effect in India and so the following hypothesis is formulated: H 0 (Null Hypothesis): In India investment market has is no effect in AIFs. H 1 (Alternate hypothesis): In India investment market has effect in AIFs. In order to test the main hypothesis, the following sub-hypothesis have been introduced. H 01 : The series has a unit root H 02 : The series is stationary H 03 : The yearly capital formation is statistically equal across the AIFs. In addition, the following sub-hypotheses are used to test the main hypothesis. H 01 : The series has a unit root H 02 : The series is stationary H 03 : The capital formation is statistically equal across the trading month of the year. 6. Methodology The present study begin with the identification of the problem, outlined the study’s objectives and hypotheses, selected the sample and collected the data, selected the right statistical tools to analyze the data, and presented the results. 6.1 Sample In India, SEBI (Securities and Exchange Board of India) is a statutory regulatory body regulating and overseeing the capital markets and all the nation's securities and commodities, it play a vital role in the growth of the Indian economy. The World Bank is an international organization dedicated to providing financing, advice, and research to developing nations to aid their economic advancement. The sample included for the study is from 2013 to 2022, which consists of 10 years. 6.2 Data Collection The present empirical study was mainly based on the secondary data collected from the official websites of the SEBI (i.e., https://www.sebi.gov.in ) and ( https://www.worldbank.org ) the data collected for this study. For analyzing the data, used Eviews-10. Insert table 3 7. Analysis result 7.1 Descriptive analysis Descriptive statistics showing means, standard deviations, and Jarque-Bera are presented in Table 4. Insert table 4 Data analysis of empirical approach to check the data for diversity between summary statistics of variables is presented in Table 4 which shows that all variables are normally distributed. Table 4 shows results of summary statistics for AIFs in India. The mean, SD, skewness, kurtosis Jarque Bara and probability are presented in the table which indicate the value of AIFs of Category – I mean values. It consists of Infrastructure Fund. SVF: Social Venture Fund (SVF) Venture Capital Fund (VCF) and Small and Medium - sized enterprises (SME). All other categories II, III, overall (I, II, III) and Gross Capital Formation (GCF) are shown in Table 5. The summary statistics examine the basic tools of time series analysis and also test the normality of the data which are clearly seen through an observation of data. Insert table 5 The distribution must have both skewness and kurtosis equal to 0 and 3, respectively, in order to be considered normal. Skewness should be within the range of -3 to + 3, and kurtosis should be within the range of -10 to + 10 (Brown, 2006). The distribution was uneven because, as Tables 4 and 5 demonstrate, the value of the AIFs' skewness was found to be negative for Infrastructure Fund (IF). Kurtosis (which denotes the leptokurtic distribution) has a value less than 3. 7.2. Relationship among variables A statistical technique for determining the strength of a linear relationship between two variables is correlation analysis. It can also be used to find patterns among the numerous variables that make up a dataset. Table 6 presents the correlation statistics that are displayed. Insert table 6 Table 6 clearly shows the flow of variables and in addition, it presents the relationship between various types of variables. We can observe the correlation value varying from 1 to 0 to -1. When we observe that the correlation value is positive and close to 1, it is understood that both the variables are positively correlated and they are similar negative and close to -1, it means that both the variables are negatively correlated and are dissimilar to each other. Since there is a multicollinearity factor indicating that both variables are comparable, the results are generally negatively impacted by the very positively linked variables. To obtain more reliable and precise findings, one variable should be eliminated from the dataset. The table also shows that all the variables in the correlation matrix are correlated and moreover, there is no value indicating multicollinearity, as the value of the threshold is at high positive level (Omri, A. 2014 ). In short, the correlation matrix point out that AIFs and gross capital formation are positively correlated at significant level 1. 7.3. A Unit Root Process The stationarity or Unit root test of the data were next examined (Moon, H. R., & Perron, B. 2012) evaluated the stationarity of the data and considered the benefits and drawbacks of stationarity. The Unit root test results for AIFs and Gross Capital Formation are presented in Table 7. Insert table 7 The intercept of ADF test statistics shows that AIFs category – I, Commitments raised (1.959), Fund Raised (3.843) and Investment Made (6.603) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificance respectively (the values are given in parentheses). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). category II Commitments raised (7.003), Fund Raised (0.241) and Investment Made (7.444) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificace respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). category II Commitments raised (7.003), Fund Raised (0.241) and Investment Made (7.444) are greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values were given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). category III Commitments raised (1.053), Fund Raised (1.345) and Investment Made (2.954) are greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). Overall (AIFs) Commitments raised (6.523), Fund Raised (0.962) and Investment Made (8.179) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). Gross Capital Formation (-1.997) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). The following Figs. 2, 3 show the growing of AIFs in India and Gross capital formation in India Insert Figs. 2 & 3 8. Discussion The specific goal of this study is to provide a path ahead by empirically analyzing the dynamics of AIFs and their role in capital formation in the Indian financial landscape. Conclusions arrived at the end of study show that the ADF test validates the unit root of the AIFs categories, which is in line with the findings of other researchers. The mean and standard deviation figures support the claim that the variables are normally distributed, according to the summary statistic analysis. The values are optimistic and suggest that trade openness has a high standard deviation whereas economic growth and regional integration have the lowest standard deviation. Additionally, the findings of the correlation matrix show that the relationship between the variables is normal and that multicollinearity is not present in the data. For everyone, the Jarque-Bera test statistic's coefficient value is negligible. The AIFs category-wise distribution clearly resembles the normal distribution. Globally, AIFs are in the conceptual, development, or pilot stages. In order to create a solution that satisfies the requirements in the absence of a precedent, thorough stakeholder consultation and iterative technological design must be conducted. Even if the purpose of AIFs and their anticipated benefits are well known, it is still critical to find creative solutions and strong use cases that will increase AIFs' appeal to capital formation in India. The present study introduces AIFs in India, as well as any prospective design elements, policy consequences, and potential platform technology needs. Although the conclusions made here are exploratory in nature, they seem most appropriate at this particular juncture. The approach outlined in this concept necessitates a thorough planning regarding scope, budget, and schedule in order to guarantee the timely implementation of various stages of the introduction of AIFs. 9. Suggestions for future research Explore various performance metrics such as return on investment, volatility, and risk-adjusted returns for different categories of AIFs. Assess how they compare with traditional investment options like mutual funds and stocks. Analyze the role of AIFs in capital formation for start-ups, SME and other sectors, considering both direct and indirect contribution. Evaluate the impact of AIFs of job creation and economic development. Benchmark the AIF landscape in India against international counterparts and identify successful practices and regulatory frameworks from other countries that could be adopted or adapted to enhance the efficiency and competitiveness of the Indian AIF industry. These detailed explorations within each research area can provide a nuanced understanding of the dynamics of AIFs in the Indian financial landscape, offering practical insights for policymakers, investors, and industry stakeholders. Just as the present study passed the COVID-19, the pandemic year, the world economy fell under the cruel grip of the pandemic. It was really a deep dip and so future researchers could concentrate on the effect COVID-19 on various countries. It must be pointed out that such international comparative studies are beyond the scope of the present study. Yet another suggestion could be assumed about attracting unaccounted, tax evading money in to the Indian economic arena for the welfare of the nation. 10. Conclusion The comprehensive analysis has shed light on the intricate dynamics of Alternative Investment Funds (AIFs) in the Indian financial landscape and their crucial role in capital formation. The study has provided valuable insights into various aspects, including performance, risk, regulatory frameworks, market integration, investor behavior, and the impact on capital formation across sectors. Investor segmentation highlighted varying preferences. 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EIF Working Paper Lambert D (2014) Under construction: India’s infrastructure debt funds—Their importance, challenges, and opportunities Liang B (2001) Hedge fund performance: 1990–1999. Financial Anal J, 11–18 Mansilla P, Vassallo JM (2020) Innovative infrastructure fund to ensure the financial sustainability of PPP projects: The case of Chile. Sustainability 12(23):9965 Metrick A, Yasuda A (2010) The economics of private equity funds. Rev Financial Stud 23(6):2303–2341 Miceli MA, Susinno G (2004) Ultrametricity in fund of funds diversification. Physica A 344(1–2):95–99 Miceli MA, Susinno G (2004) Ultrametricity in fund of funds diversification. Physica A 344(1–2):95–99 Moon HR, Perron B (2012) Beyond panel unit root tests: Using multiple testing to determine the nonstationarity properties of individual series in a panel. J Econ 169(1):29–33 Morley I (2001) Alternative investments: perceptions and reality. 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Retrieved from https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=4&ssid=80∣=101 Singh D, Purkayastha D, Shrimali G (2019) From banks to capital markets: alternative investment funds as a potential pathway for refinancing clean energy debt in India. Climate Policy Initiative, New Delhi Stulz RM (2007) Hedge funds: Past, present, and future. J Economic Perspect 21(2):175–194 Subrahmanya MB, Mathirajan M, Krishnaswamy KN (2010) Importance of technological innovation for SME growth evidence from India The Legal 500 Country comparative guides India Alternative investment funds (2023) Retrieved from https://www.legal500.com/guides/chapter/india-alternative-investment-funds/?export-pdf Thillairajan A, Menon S (2014) Private Equity investment in infrastructure: evidence from India. J Private Equity (Retired) 17(4):40–47 Titman S, Tiu C (2011) Do the best hedge funds hedge? Rev Financial Stud 24(1):123–168 Todd PR, Javalgi RRG (2007) Internationalization of SMEs in India: Fostering entrepreneurship by leveraging information technology. Int J Emerg markets 2(2):166–180 Yadav V, Jain R, Mittal ML, Panwar A, Lyons A (2019) The impact of lean practices on the operational performance of SMEs in India. Industrial Manage Data Syst 119(2):317–330 Tables Table 1 Abbreviations SEBI Securities Exchange Board of India GCF Gross Capital Formation AIFs Alternative Investment Funds CR Commitments Raised FR Funds Raised IM Investments Made IF Infrastructure fund SVF Social Venture Fund VCF Venture Capital Fund SME small and medium-sized enterprises GDP Gross domestic product AIPAC Alternative Investment Policy Advisory Committee QIP Qualified Institutional Placements REITs Real Estate Investment Trusts InvITs Infrastructure Investment Trusts CDS Credit Default Swaps Table 2 Classification of AIF in Global Types Classification I Real assets (including natural resources, commodities, real estate, infrastructure, and intellectual property) II Hedge funds (including managed futures) II Private equity (including mezzanine and distressed debt) IV Structured products (including credit derivatives) Source: Alternative Investments: CAIA Level I.p.4 Table 3 Author compiles variables and their sources Variables Short form Measurement and definition Source Infrastructure Fund IF Category I of AIFs SEBI Social Venture Fund SVF Category I of AIFs SEBI Venture Capital Fund VCF Category I of AIFs SEBI Small Medium-sized enterprises SME Category I of AIFs SEBI Commitments Raised CR Mode of Fund of AIFs SEBI Fund Raised FR Mode of Fund of AIFs SEBI Investment Made IM Mode of Fund of AIFs SEBI Gross Capital Formation GCF % of GDP WB Table 4 Summary Statistics of Alternative Investment Funds Category – I in India Fund Mean SD Skew Kurt JB Prob. Obs. IF CR 35056.92 15867.87 -0.348 1.9666 0.64 0.723 10 FR 18471.19 13322.79 -0.144 1.479 0.99 0.607 10 IM 15604.8 11811.81 -0.095 1.407 1.07 0.585 10 SVF CR 5798.16 4341.21 0.625 1.917 1.13 0.565 10 FR 3305.54 2858.04 0.802 2.732 1.10 0.575 10 IM 1943.49 1422.43 0.166 1.888 0.56 0.755 10 VCF CR 64702.52 55787.5 0.309 1.924 0.64 0.725 10 FR 26535.52 28989.44 0.955 2.695 1.55 0.458 10 IM 20740.47 24096.58 1.126 3.114 2.12 0.346 10 SME CR 1439.4 1495.26 1.323 3.74 3.14 0.207 10 FR 489.98 296.988 -0.051 2.173 0.28 0.865 10 IM 194.3 233.39 1.859 5.734 8.87 0.011 10 Source: Calculated data IF: Infrastructure Fund, SVF: Social Venture Fund, VCF: Venture Capital Fund, SME: Small Medium-sized enterprises, CR: Commitments Raised, FR: Fund Raised, IM: Investment Made, GCF: Gross Capital Formation (% of GDP). Table 5 Summary Statistics of AIFs and Capital Formation in India Categories Fund Mean SD Skew Kurt JB Prob. Obs. I CR 107576.9 75440.81 0.24 1.86 0.63 0.72 10 FR 48830.01 43786.06 0.509 1.929 0.91 0.63 10 IM 38500.96 35893.62 0.575 2.058 0.92 0.63 10 II CR 712645 789364 0.846 2.397 1.34 0.51 10 FR 310936.2 334858.7 0.809 2.309 1.29 0.52 10 IM 266257.4 301818.7 0.935 2.532 1.54 0.46 10 III CR 116214 104465.8 0.246 1.649 0.86 0.65 10 FR 100078.3 92650.41 0.33 1.711 0.87 0.64 10 IM 90971.06 88943.47 0.551 2.028 0.89 0.63 10 Overall CR 936436 963312.6 0.747 2.268 1.15 0.56 10 FR 443254.2 458247.7 0.725 2.208 1.13 0.56 10 IM 395729.4 425112.4 0.833 2.392 1.31 0.51 10 GCF GCF 31.51 1.72 0.248 2.263 0.32 0.84 10 Source: Calculated data CR: Commitments raised, FR: Fund Raised, IM: Investment Made, GCF: Gross Capital Formation (% of GDP). Table 6 Correlation of AIFs and Capital Formation in India Categories of AIFs CGF % I II III Overall CR FR IM CR FR IM CR FR IM CR FR IM Categories of AIFs I CR 1 FR .988 ** 1 IM .988 ** .999 ** 1 II CR .962 ** .987 ** .991 ** 1 FR .966 ** .990 ** .993 ** .999 ** 1 IM .953 ** .982 ** .986 ** .999 ** .998 ** 1 III CR .991 ** .979 ** .980 ** .958 ** .961 ** .945 ** 1 FR .990 ** .984 ** .986 ** .969 ** .971 ** .957 ** .999 ** 1 IM .988 ** .993 ** .996 ** .989 ** .990 ** .982 ** .990 ** .994 ** 1 Overall CR .974 ** .992 ** .996 ** .999 ** .999 ** .995 ** .971 ** .980 ** .995 ** 1 FR .975 ** .994 ** .996 ** .998 ** .999 ** .995 ** .972 ** .980 ** .995 ** 1.000 ** 1 IM .966 ** .989 ** .993 ** .999 ** 1.000 ** .999 ** .961 ** .971 ** .990 ** .999 ** .999 ** 1 CGF % -.598 -.554 -.542 -.469 -.474 -.449 -.549 -.541 -.507 -.491 -.491 -.470 1 **. Correlation is significant at the 0.01 level CR : Commitments raised. FR: Fund Raised. IM: Investment Made. GCF: Gross Capital Formation (% of GDP) Source: Calculated data Table 7 Unit root test and stationarity test for AIFs and Capital Formation Test Statistic P value Comment I CR 1.959 (-4.420)(-3.259)(-2.771) 0.998 Ho: not rejected FR 3.843 (-4.420)(-3.259)(-2.771) 1.000 Ho: not rejected IM 6.603 (-4.420)(-3.259)(-2.771) 1.000 Ho: not rejected II CR 7.003 (-4.420)(-3.259)(-2.771) 1.000 Ho: not rejected FR 0.241 (-4.582)(-3.320)(-2.801) 0.955 Ho: not rejected IM 7.444 (-4.420)(-3.259)(-2.771) 1.000 Ho: not rejected III CR 1.053 (-4.420)(-3.259)(-2.771) 0.992 Ho: not rejected FR 1.345 (-4.420)(-3.259)(-2.771) 0.995 Ho: not rejected IM 2.954 (-4.420)(-3.259)(-2.771) 0.999 Ho: not rejected Overall CR 6.523 (-4.420)(-3.259)(-2.771) 1.000 Ho: not rejected FR 0.962 (-4.582)(-3.320)(-2.801) 0.989 Ho: not rejected IM 8.179 (-4.420)(-3.259)(-2.771) 1.000 Ho: not rejected GCF -1.997 (-4.420)(-3.259)(-2.771) 0.282 Ho: not rejected Source: Compiled from Eviews10 CR : Commitments raised. FR: Fund Raised. IM: Investment Made. GCF: Gross Capital Formation (% of GDP) Additional Declarations The authors declare potential competing interests as follows: I have not interest. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-5277525","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":366890962,"identity":"26b7c084-3d4a-4112-9465-37347d93ca35","order_by":0,"name":"Vethamuthu Richard Paul","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA60lEQVRIiWNgGAWjYDACZgY2MAnEDQwfG8BiBmBEhBbGBsaZRGlhQNLCzAvXggeYtzM/e/Bzj3Ue/4zENmnbHYflGdibt0kwFNzBqUXmMJu5Yc+z9GKJG0AtuWcOGzbwHCuTYDB4hlOLBDMPmwTPgcOJDTcSm41z2w4nMEjkmAG1HMarRfIPUMt8kBZLkBb5N4S1SINs2XAjsfExI9gWHkJa2MykZQ6kFxueedj4sPdMumEbT1qxRQI+LfyHn0m+OWCdJ3c8+cCBnzus5fnZD2+88eEPbi0wkABnsaFyidEyCkbBKBgFowAdAABiMU/1cpcCzgAAAABJRU5ErkJggg==","orcid":"https://orcid.org/0000-0003-4175-5488","institution":"UGC-Malavia Mission Teacher Training Centre, Bharathiar University","correspondingAuthor":true,"prefix":"","firstName":"Vethamuthu","middleName":"Richard","lastName":"Paul","suffix":""}],"badges":[],"createdAt":"2024-10-16 16:48:30","currentVersionCode":1,"declarations":{"humanSubjects":false,"vertebrateSubjects":true,"conflictsOfInterestStatement":true,"humanSubjectEthicalGuidelines":false,"humanSubjectConsent":false,"humanSubjectClinicalTrial":false,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":true},"doi":"10.21203/rs.3.rs-5277525/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-5277525/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":66851500,"identity":"a4063ac0-86ed-42cd-9296-2a7965d99954","added_by":"auto","created_at":"2024-10-17 07:06:49","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":40250,"visible":true,"origin":"","legend":"\u003cp\u003eFlow diagram of Structure of Alternative investment in India\u003c/p\u003e","description":"","filename":"fig1.png","url":"https://assets-eu.researchsquare.com/files/rs-5277525/v1/6fbcf8e1f0401e0aaefe72ca.png"},{"id":66852526,"identity":"0fd2643c-542d-489b-919f-3bb26e9d9ac8","added_by":"auto","created_at":"2024-10-17 07:14:50","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":29986,"visible":true,"origin":"","legend":"\u003cp\u003eAlternative Investment Funds (Category – I) in India\u003c/p\u003e","description":"","filename":"fig2.png","url":"https://assets-eu.researchsquare.com/files/rs-5277525/v1/825e6f4cb14d45dbd251ccdd.png"},{"id":66852525,"identity":"096e5791-be51-42ba-bc8a-5ade7e02eabd","added_by":"auto","created_at":"2024-10-17 07:14:49","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":19906,"visible":true,"origin":"","legend":"\u003cp\u003eAlternative Investment Funds and Gross Capital Formation (% of GDP) in India\u003c/p\u003e","description":"","filename":"fig3.png","url":"https://assets-eu.researchsquare.com/files/rs-5277525/v1/b1d4b9a3872d3db5ef8d3001.png"},{"id":66852729,"identity":"81eaa8af-1036-43a5-aa55-04e7d9e05a40","added_by":"auto","created_at":"2024-10-17 07:22:50","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1003055,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-5277525/v1/1d06b87e-6cc3-4b93-a576-7d780d99541d.pdf"}],"financialInterests":"The authors declare potential competing interests as follows: I have not interest.","formattedTitle":"\u003cp\u003e\u003cstrong\u003eUnveiling the Dynamics of Alternative Investment Funds (AIFs): A Comprehensive Analysis of Their Role in Capital Formation in the Indian Financial Landscape\u003c/strong\u003e\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003eAlternative Investment Funds (AIFs) play a vital role in India by providing that alternative investment beyond the traditional investment such as stocks and bonds. It provides investors with a variety of alternative assets, for instance private equity, hedge funds, real estate and infrastructure. AIFs contribute to capital formation by channeling funds into sectors and projects that may not be easily accessible through traditional investment channels. This is particularly crucial while providing support for the growth of startups, small and medium enterprises (SMEs), and other sectors requiring capital infusion. Alternative Investment Funds in India serve as dynamic and adaptable financial vehicles that contribute to capital formation, support innovation and entrepreneurship, and moreover, it provides investors with diverse and sophisticated investment opportunities. These investment modes are required to adhere to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012. (Bharathan, S. K., \u0026amp; Rao, G. 2017).\u003c/p\u003e \u003cp\u003eThe Indian capital markets (SEBI Report 2022\u0026ndash;2023) enabled the mobilization of resources totaling Rs. 9.8 lakh crore in 2022\u0026ndash;2023 a 4.6% increase over 2021\u0026ndash;2022. Corporate and infrastructure entities raised money from the market through the use of instruments like debt (public and private placement), equity (public, rights, preferential, and QIP), Alternative Investment Funds (AIFs), Real Estate Investment Trusts (REITs), and Infrastructure Investment Trusts (InvITs) to finance their needs. The equity and debt divisions accounted for Rs. 9.2 lakh crore of capital formation a considerable share of total resources.\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert table 1\u003c/b\u003e \u003c/p\u003e \u003cp\u003eAccording to Financial Stability Review (2016), AIFs in Europe operate without regulatory leverage limits. Since mid-2013, AIFs have been regulated under the Alternative Investment Fund Managers Directive (AIFMD). The European Parliament and the Council (SEBI Report. 2015) have come out with a proposal for a Directive on Alternative Investment Fund Manager (AIFM) such as Hedge Funds and Private Equity Managers.\u003c/p\u003e \u003cdiv id=\"Sec2\" class=\"Section2\"\u003e \u003ch2\u003e1.1. AIFs Global Experience\u003c/h2\u003e \u003cp\u003eGlobally, alternative investment funds, or AIFs, have become more well-known as investors look for diversification outside conventional asset classes. Accredited investors' and institutional investors' capital are pooled by investment funds, or AIFs, in order to invest in a variety of assets, strategies, and other instruments that are not classic investing categories like stocks and bonds. In fact, AIFs entail more than just investing capital in high-risk ventures. Generally speaking, investors in AIFs participate actively in the company's management by usually sitting on the board. Venture capital firms focus on the founders, the management team, the idea, the market, the revenue model, the value-added potential of the company, the amount of capital required to turn the business around, and whether or not all these align with the fund's goals throughout the due diligence process.\u003c/p\u003e \u003cp\u003eFor the financial market to operate fairly and effectively, alternative assets must be regulated. Another method (Chambers, D. R., 2015), defining specifically which investments are regarded as alternative, is one form of identifying alternative investments. It classifies four types of alternative investments:\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert table 2\u003c/b\u003e \u003c/p\u003e \u003cp\u003eIt is important that Alternative Investment Funds be acknowledged in India as a separate asset class from promoter holdings, creditors, and public investors. AIFs classification start from SEBI, and its structure is presented in Fiqure.1.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec3\" class=\"Section2\"\u003e \u003ch2\u003e1.2. How Alternative Investments system works in India\u003c/h2\u003e \u003cp\u003eInvestment options that do not belong to the usually followed investment classes such as stocks, bonds, and cash are referred to as alternative investments in India. Many advantages can be found in these options, which are frequently seen as non-traditional or unusual. In conclusion, AIFs are essential to capital formation because they direct capital into a range of alternative assets, promote economic growth, and give investors chances for returns and diversification.\u003c/p\u003e \u003cp\u003eIn India considering Alternative Investment Funds is necessary (SEBI Report. 2015). AIFs are defined in Regulation 2(1)(b) of Securities and Exchange Board of India Act, 1992 (15 of 1992). \u0026lsquo;Alternative Investment Funds (AIFs)\u0026rsquo; means pooling or raising of private capital from institutional or High Net Worth Investors with a view to investing it in accordance with a defined investment policy for benefit of those investors and includes private pool of capital such as private equity funds, Venture Capital Fund, PIPE Funds, Infrastructure Debt Fund, Real Estate Funds, Social Venture Fund, Strategic Funds, SME Fund etc. such other similar funds as may be specified by Board, presently not covered under the SEBI (Mutual Funds) Regulations, 1996, and SEBI (Collective Investment Schemes) Regulations, 1999 or any other regulations of SEBI to regulate fund management activities. Reforms to promote AIFs (SEBI Report. 2011) in these propitious conditions are well justified as they can significantly increase this steady source of long-term risk capital. With the rising demand for sizable amounts of capital to be invested in India, the AIF industry has a critical need to increase the pool of talented India-based Fund Managers with access to a better and larger deal flow i.e. a strong pipeline of investment opportunities in India. The commitment raised by AIFs increased by 30% in 2022\u0026ndash;2023 to Rs. 8.34 lakh crore, up from Rs.6.41 lakh crore at the end of 2021\u0026ndash;2022.\u003cdiv class=\"BlockQuote\"\u003e\u003cp\u003eThe following chart shows the flow chart of AIFs in India.\u003c/p\u003e\u003c/div\u003e\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert Fig.\u0026nbsp;1\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThere are 3 categories of AIFs in India.\u003c/p\u003e \u003cp\u003e1. Category I: This covers venture capital funds, Infrastructure funds, Social Venture Funds and SME Funds.\u003c/p\u003e \u003cp\u003e2. Category II: The second one includes include private equity funds, debt funds fund and fund of fund.\u003c/p\u003e \u003cp\u003e3. Category III: This covers hedge funds, PIPE Funds, etc. (Singh, D., et al. \u003cspan citationid=\"CR56\" class=\"CitationRef\"\u003e2019\u003c/span\u003e).\u003c/p\u003e \u003cp\u003eEach category mobilizes fund in different heads viz. Commitments Raised (CR), Fund Raised (FR), and Investment (IM).\u003c/p\u003e \u003c/div\u003e"},{"header":"2. Review of Literature","content":"\u003cp\u003eIndia is a renowned prosperous nation for traditional investment. Moreover, ever since Indian start-up environment began to expand, investors have been attracted towards AIFs concept and application of the capital formation and pooled fund from different sources. The 1987 stock market crisis sparked a significant interest in alternative investment funds (AIFs) among pension fund executives and trustees. (Healey, T. J., \u0026amp; Strong, H. 2000). Over time, the amount of capital invested in AIFs has increased. With a compound annual growth rate of 29%, the total amount invested in AIFS increased from \u003cspan\u003e$\u003c/span\u003e91\u0026nbsp;billion to \u003cspan\u003e$\u003c/span\u003e152\u0026nbsp;billion. In the survey's framework, real estate and hedge funds were not regarded as alternative investments. When (Morley, I. \u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e2001\u003c/span\u003e) beliefs about alternative asset investing are a manifestation of the philosophical paradox that suggests people frequently confuse perceptions of events with actual events. Black, K. (\u003cspan citationid=\"CR4\" class=\"CitationRef\"\u003e2014\u003c/span\u003e), in his paper pointed out that the meant private equity or hedge funds when he said about alternative investments.\u003c/p\u003e \u003cp\u003eKaravas, V. N. (2000) explain the traditional investments still account for investment, a proportion has been allocated to alternative investment vehicles. Private equity, venture capital, leveraged buyouts, securities, private debt, and farmland are often considered to be examples of alternative investments. While (Schneeweis, T. and Spurgin, R.B., 1999.) the majority of portfolios devoted no more than a basic proportion to alternative investments, institutional portfolios contain more than one-fourth of these assets. Market structure and security design have accompanied the monetary growth in traditional and alternative investments.\u003c/p\u003e \u003cp\u003eIn India, an Infrastructure Fund typically refers to a type of mutual fund or investment fund that focuses on investing in infrastructure-related projects and assets. These funds channel investors' money into various infrastructure sectors such as transportation, energy, telecommunications, and other public utilities. O\u0026rsquo;Brien, P., \u0026amp; Pike, A. (\u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e2015\u003c/span\u003e) in their article analyse innovative funding methods for infrastructure systems are known as infrastructure financing. The quest for novel and creative funding sources for infrastructure systems depends heavily upon governing infrastructure financing at the rural and urban areas. According to Mansilla, P., \u0026amp; Vassallo, J. M. (2020), The Chilean Infrastructure Fund (CIF), established by the Chilean government, works to promote the country's current infrastructure assets. The fund will allow the government to receive new concessionaires' fees for infrastructure projects.\u003c/p\u003e \u003cp\u003eSocial Venture Fund in India generally refers to a fund that specifically focuses on supporting and financing social enterprises. These ventures often operate with a \"double bottom line\" approach, emphasizing both social impact and financial sustainability. Rajan, A. et al.(2014) in their study state that majority of social venture funds are gathered from investors through investments that are better for the welfare of society. Evidence from the microfinance sector indicated that one of the key considerations for investment was the investee company's scale.\u003c/p\u003e \u003cp\u003eSmall and medium-sized businesses (SMEs) account for a sizable share of economic activity and are key forces behind global economic growth. (Boocock \u0026amp; Shariff, 2005). Subrahmanya, M. B., et al. (2010), in their study examine that the technical expansions made by SMEs in Bangalore. Gilmore, A. (\u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e2011\u003c/span\u003e), in his study presents the ways in which SMEs modify conventional marketing frameworks to fit their unique business needs, employ networks to enhance their operations, use and hone marketing management skills, and attempt to employ and innovate marketing. Rao, P., et al. (\u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e2019\u003c/span\u003e) their research focuses on the capital structure choices in their research focus made by Indian SMEs. Gilmore, A., Carson, D., \u0026amp; Grant, K. (\u003cspan citationid=\"CR22\" class=\"CitationRef\"\u003e2001\u003c/span\u003e) explore their research on the traits of SMEs and how these affect the traits of marketing inside SMEs. Yadav, V. et al. (\u003cspan citationid=\"CR63\" class=\"CitationRef\"\u003e2019\u003c/span\u003e), in their analysis revealed a positive correlation between lean implementation and the firms' operational performance. The researchers pay attention to the factors that impact small and medium-sized businesses' (SMEs) in India as they expand internationally. P. R., \u0026amp; Javalgi, R. R. G. (2007), analyze the significance of fostering entrepreneurship in order to help Indian SMEs gain a competitive edge in global markets. Saleh, A. S., \u0026amp; Ndubisi, N. O. (2006), Das, K. (\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e2007\u003c/span\u003e), investigated in order to identify challenges which would act as a first step for designing a workable framework suitable for SMEs with view to overcome the challenges. Even though researchers found a detailed strategic policy framework Indian SMEs progress has been restrained by poor credit availability, insufficient technology and incomplete infrastructure covering both physical and economic aspects. In addition, the challenge faced by the policy is twofold: one is broad-based benefits to SMEs of various regions and sectors; another is focusing on the role of SMEs in generative decent employment.\u003c/p\u003e \u003cp\u003eAnother study by (Kaur, A., \u0026amp; Sharma, P. C. 2016. Knight, G. A. 2001, Raju, G. A., \u0026amp; Kurpad, M. 2013). Identifies the obstacles as a constructive starting point for creating a practical framework that would enable the SMEs to conquer them\u003c/p\u003e \u003cp\u003eA Private Equity (PE) fund is a financial vehicle that pools the capital of institutional and wealthy investors to finance investments in private companies. Thillairajan, A., \u0026amp; Menon, S. (\u003cspan citationid=\"CR60\" class=\"CitationRef\"\u003e2014\u003c/span\u003e) examines the PE funding in their article. Attracting PE investment also heavily depends on the general attributes of the operational environment.\u003c/p\u003e \u003cp\u003eThe following authors analyse the private equity fund. (Dugar, P., \u0026amp; Pandit, N. \u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e2017\u003c/span\u003e, Phalippou, L., \u0026amp; Gottschalg, O. \u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e2009\u003c/span\u003e, Ippolito, R. \u003cspan citationid=\"CR27\" class=\"CitationRef\"\u003e2007\u003c/span\u003e). Private equity generally differs from other traditional financial assets and those assets (Cumming, D. (Ed.). 2009, Metrick, A., \u0026amp; Yasuda, A. \u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e2010\u003c/span\u003e) determine notable distinctions between buyout and venture capital funds. Jenkinson, T., et al. (\u003cspan citationid=\"CR28\" class=\"CitationRef\"\u003e2013\u003c/span\u003e). These interim appraisals of their current fund are used by private equity firms to market their next fund. The reported performance is contingent upon the remaining portfolio firms' valuations. Gohil, R. (\u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e2014\u003c/span\u003e), evaluations of the private equity funds' existing investments in India.\u003c/p\u003e \u003cp\u003eDebt fund is a kind of mutual fund, the objective of debt funds is to generate regular income for investors while preserving the capital. Khandelwal, M., \u0026amp; Khanapuri, V. (\u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e2015\u003c/span\u003e) According to their research, the availability of debt and equity financing for infrastructure development projects is correlated with its progress. Kraemer-Eis, H., et al. (\u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e2014\u003c/span\u003e), the market niche for debt funds is examined in this article. Burgan, B., et al (\u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e2012\u003c/span\u003e) their research on infrastructure investment which shows that it boosts competitiveness, productivity, and the ability of the public and private sectors to provide high-quality services. Lambert, D. (\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e2014\u003c/span\u003e), investigates infrastructure debt funds\u0026rsquo; challenges.\u003c/p\u003e \u003cp\u003eA \u0026lsquo;Fund of Funds\u0026rsquo; in India is a type of mutual fund. In simpler terms, it's a mutual fund scheme that pools money from investors and then invests that money in a diversified portfolio of other mutual funds across different asset classes. In their study, they attempt of determine whether the declared or implemented approach used as a numerical justification is suitable for the fund of funds policy. (Miceli, M. A., \u0026amp; Susinno, G. 2004, Conlon, T., et al. \u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e2007\u003c/span\u003e, and Miceli, M. A., \u0026amp; Susinno, G. 2004). Brophy, D. J., \u0026amp; Guthner, M. W. 1988) majority of the funding used by venture capital investment firms to finance new growth enterprises comes from institutional investors. In essence, every institutional investor oversees a \"fund of funds,\" making an effort to lower the venture's risk by applying the ideas of portfolio theory. Brands, S., \u0026amp; Gallagher, D. R. (2005), conclude that the diversity and performance characteristics of active Australian equities fund-of-funds. When a fund-of-funds portfolio consists of roughly six active equity funds, the majority of the benefits of diversification are realized.\u003c/p\u003e \u003cp\u003eA hedge fund is a type of pooled investment vehicle that uses a variety of approaches to generate profits for its shareholders. Titman, S., \u0026amp; Tiu, C. (\u003cspan citationid=\"CR61\" class=\"CitationRef\"\u003e2011\u003c/span\u003e), explain in their article that hedge funds with greater knowledge opt to be less exposed to factor risk. Capocci, D., \u0026amp; H\u0026uuml;bner, G. (\u003cspan citationid=\"CR9\" class=\"CitationRef\"\u003e2004\u003c/span\u003e), examine the performance of hedge funds with different asset pricing models. Fung, W., \u0026amp; Hsieh, D. A. (2004), in these article challenge the traditional methodology. Rather, the paper suggests a model of hedge fund returns with dynamic risk-factor coefficients that are akin to models based on arbitrage pricing theory, building on earlier work on asset-based style factors.\u003c/p\u003e \u003cp\u003eStulz, R. M. (2007), examines the performance gap between hedge funds and mutual funds. Liang, B. (\u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e2001\u003c/span\u003e), showed that the returns from hedge funds had the highest volatility. Fung, W., \u0026amp; Hsieh, D. A. (1999), provide some insight into how hedge fund performance varies from that of conventional mutual funds, as well as a justification for the way hedge funds are structured. Asness, C. S., et al (2001), have observed the return and diversification benefits of hedge fund investing. While the stock market still remains near all-time high valuations, the investors view that hedge funds would provide protection from a market correction. This view must be considered as a serious issue.\u003c/p\u003e \u003cp\u003ePrivate Investments in Public Equity (PIPEs) is a type of financial transaction involved in by private investors or institutions. This investment is typically made through the sale of newly issued shares or other securities directly to the private investors, bypassing the public markets. In the context of India, PIPE transactions are governed by the regulatory framework set by the Securities and Exchange Board of India (SEBI). Gerhard, F. (\u003cspan citationid=\"CR20\" class=\"CitationRef\"\u003e2008\u003c/span\u003e), has examined whether PIPEs are appropriate for funding growth in addition to recapitalization. Andriosopoulos, D., \u0026amp; Panetsidou, S. (\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e2021\u003c/span\u003e) analyze whether the practice of raising equity capital through Private Investments in Public Equity, or PIPEs, has gained traction. The study concludes that the favorable impact of institutional frameworks on PIPE performance can be explained. Kalsie, A., \u0026amp; Arora, A. (\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e2015\u003c/span\u003e), found a significant drop in the investment in their analysis. Huang, R.,et al (\u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e2008\u003c/span\u003e), using a sample of Private Investments in Public Equity (PIPEs), investigate the networking role of investment banks in capital markets.\u003c/p\u003e"},{"header":"3. Rationale for the Present Study","content":"\u003cp\u003eAfter completing the review of the literature, a researcher would ask why we need another study. Some factors serve as the foundation for the current study's reasoning: Alternative Investment Funds (AIFs) have gained prominence in recent years as a crucial component of the financial landscape. Given their increasing role in capital markets, there is a need to understand their dynamics comprehensively. AIFs play a vital role in capital formation, especially in providing alternative investment avenues beyond traditional instruments like stocks and bonds. Investigating their impact on capital formation in the Indian context is crucial for both policymakers and market participants, understanding how AIFs function is essential for investors seeking diversification and alternative investment strategies. Analyzing their role provides insights into how investors perceive and utilize AIFs in their portfolios.\u003c/p\u003e \u003cp\u003eAIFs can make considerable impact on India\u0026rsquo;s economic growth and its stability. An assessment of their role in capital formation will prove that it contributes to a broader understanding of their economic implications for India. Analyzing the regulatory framework, tax aspects, and operational hurdles faced by AIFs will highlight challenges hindering their growth and potential solutions. The present study focuses on the rationale for conducting a comprehensive analysis titled \"Unveiling the Dynamics of Alternative Investment Funds (AIFs): A Comprehensive Analysis of their Role in Capital Formation in the Indian Financial Landscape: a way forward\" can be multifaceted. Here are some potential reasons:\u003c/p\u003e"},{"header":"4. Objectives of the Study","content":"\u003cp\u003eThe primary objective of the study is to examine the of the presence of dynamic nature of AIFs and a comparative analysis of their role in capital formation in the Indian financial landscape. The primary objective is split into the following sub-objectives:\u003c/p\u003e \u003cp\u003e \u003col\u003e \u003cspan\u003e \u003cli\u003e \u003cp\u003eTo assesses the role of capital formation of AIF from 2013 to 2022 in India.\u003c/p\u003e \u003c/li\u003e \u003c/span\u003e \u003cspan\u003e \u003cli\u003e \u003cp\u003eTo explain the relationship and analysis of AIFs effect, and offer suggestions to investors about the consequences of capital formation impact in India.\u003c/p\u003e \u003c/li\u003e \u003c/span\u003e \u003cspan\u003e \u003cli\u003e \u003cp\u003eTo give guidelines for future research concerning AIFs effect in the Indian context.\u003c/p\u003e \u003c/li\u003e \u003c/span\u003e \u003c/ol\u003e \u003c/p\u003e "},{"header":"5. Hypothesis","content":"\u003cp\u003eThe objective of the current research paper is to empirically assess the AIFs effect in India and so the following hypothesis is formulated:\u003c/p\u003e \u003cp\u003eH\u003csub\u003e0\u003c/sub\u003e (Null Hypothesis): In India investment market has is no effect in AIFs.\u003c/p\u003e \u003cp\u003eH\u003csub\u003e1\u003c/sub\u003e (Alternate hypothesis): In India investment market has effect in AIFs.\u003c/p\u003e \u003cp\u003eIn order to test the main hypothesis, the following sub-hypothesis have been introduced.\u003c/p\u003e \u003cp\u003eH\u003csub\u003e01\u003c/sub\u003e: The series has a unit root H\u003csub\u003e02\u003c/sub\u003e: The series is stationary\u003c/p\u003e \u003cp\u003eH\u003csub\u003e03\u003c/sub\u003e: The yearly capital formation is statistically equal across the AIFs.\u003c/p\u003e \u003cp\u003eIn addition, the following sub-hypotheses are used to test the main hypothesis.\u003c/p\u003e \u003cp\u003eH\u003csub\u003e01\u003c/sub\u003e: The series has a unit root H\u003csub\u003e02\u003c/sub\u003e: The series is stationary\u003c/p\u003e \u003cp\u003eH\u003csub\u003e03\u003c/sub\u003e: The capital formation is statistically equal across the trading month of the year.\u003c/p\u003e"},{"header":"6. Methodology","content":"\u003cp\u003eThe present study begin with the identification of the problem, outlined the study\u0026rsquo;s objectives and hypotheses, selected the sample and collected the data, selected the right statistical tools to analyze the data, and presented the results.\u003c/p\u003e \u003cdiv id=\"Sec8\" class=\"Section2\"\u003e \u003ch2\u003e6.1 Sample\u003c/h2\u003e \u003cp\u003eIn India, SEBI (Securities and Exchange Board of India) is a statutory regulatory body regulating and overseeing the capital markets and all the nation's securities and commodities, it play a vital role in the growth of the Indian economy. The World Bank is an international organization dedicated to providing financing, advice, and research to developing nations to aid their economic advancement. The sample included for the study is from 2013 to 2022, which consists of 10 years.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec9\" class=\"Section2\"\u003e \u003ch2\u003e6.2 Data Collection\u003c/h2\u003e \u003cp\u003eThe present empirical study was mainly based on the secondary data collected from the official websites of the SEBI (i.e., \u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.sebi.gov.in\u003c/span\u003e\u003cspan address=\"https://www.sebi.gov.in\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e) and (\u003cspan class=\"ExternalRef\"\u003e\u003cspan class=\"RefSource\"\u003ehttps://www.worldbank.org\u003c/span\u003e\u003cspan address=\"https://www.worldbank.org\" targettype=\"URL\" class=\"RefTarget\"\u003e\u003c/span\u003e\u003c/span\u003e) the data collected for this study. For analyzing the data, used Eviews-10.\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert table 3\u003c/b\u003e \u003c/p\u003e \u003c/div\u003e"},{"header":"7. Analysis result","content":"\u003cdiv id=\"Sec11\" class=\"Section2\"\u003e \u003ch2\u003e7.1 Descriptive analysis\u003c/h2\u003e \u003cp\u003eDescriptive statistics showing means, standard deviations, and Jarque-Bera are presented in Table\u0026nbsp;4.\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert table 4\u003c/b\u003e \u003c/p\u003e \u003cp\u003eData analysis of empirical approach to check the data for diversity between summary statistics of variables is presented in Table\u0026nbsp;4 which shows that all variables are normally distributed. Table\u0026nbsp;4 shows results of summary statistics for AIFs in India. The mean, SD, skewness, kurtosis Jarque Bara and probability are presented in the table which indicate the value of AIFs of Category \u0026ndash; I mean values. It consists of Infrastructure Fund. SVF: Social Venture Fund (SVF) Venture Capital Fund (VCF) and Small and Medium - sized enterprises (SME). All other categories II, III, overall (I, II, III) and Gross Capital Formation (GCF) are shown in Table\u0026nbsp;5. The summary statistics examine the basic tools of time series analysis and also test the normality of the data which are clearly seen through an observation of data.\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert table 5\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe distribution must have both skewness and kurtosis equal to 0 and 3, respectively, in order to be considered normal. Skewness should be within the range of -3 to +\u0026thinsp;3, and kurtosis should be within the range of -10 to +\u0026thinsp;10 (Brown, 2006). The distribution was uneven because, as Tables\u0026nbsp;4 and 5 demonstrate, the value of the AIFs' skewness was found to be negative for Infrastructure Fund (IF). Kurtosis (which denotes the leptokurtic distribution) has a value less than 3.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec12\" class=\"Section2\"\u003e \u003ch2\u003e7.2. Relationship among variables\u003c/h2\u003e \u003cp\u003eA statistical technique for determining the strength of a linear relationship between two variables is correlation analysis. It can also be used to find patterns among the numerous variables that make up a dataset. Table\u0026nbsp;6 presents the correlation statistics that are displayed.\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert table 6\u003c/b\u003e \u003c/p\u003e \u003cp\u003eTable\u0026nbsp;6 clearly shows the flow of variables and in addition, it presents the relationship between various types of variables. We can observe the correlation value varying from 1 to 0 to -1. When we observe that the correlation value is positive and close to 1, it is understood that both the variables are positively correlated and they are similar negative and close to -1, it means that both the variables are negatively correlated and are dissimilar to each other. Since there is a multicollinearity factor indicating that both variables are comparable, the results are generally negatively impacted by the very positively linked variables. To obtain more reliable and precise findings, one variable should be eliminated from the dataset. The table also shows that all the variables in the correlation matrix are correlated and moreover, there is no value indicating multicollinearity, as the value of the threshold is at high positive level (Omri, A. \u003cspan citationid=\"CR44\" class=\"CitationRef\"\u003e2014\u003c/span\u003e). In short, the correlation matrix point out that AIFs and gross capital formation are positively correlated at significant level 1.\u003c/p\u003e \u003c/div\u003e \u003cdiv id=\"Sec13\" class=\"Section2\"\u003e \u003ch2\u003e7.3. A Unit Root Process\u003c/h2\u003e \u003cp\u003eThe stationarity or Unit root test of the data were next examined (Moon, H. R., \u0026amp; Perron, B. 2012) evaluated the stationarity of the data and considered the benefits and drawbacks of stationarity. The Unit root test results for AIFs and Gross Capital Formation are presented in Table\u0026nbsp;7.\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert table 7\u003c/b\u003e \u003c/p\u003e \u003cp\u003eThe intercept of ADF test statistics shows that AIFs category \u0026ndash; I, Commitments raised (1.959), Fund Raised (3.843) and Investment Made (6.603) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificance respectively (the values are given in parentheses). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). category II Commitments raised (7.003), Fund Raised (0.241) and Investment Made (7.444) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificace respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). category II Commitments raised (7.003), Fund Raised (0.241) and Investment Made (7.444) are greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values were given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). category III Commitments raised (1.053), Fund Raised (1.345) and Investment Made (2.954) are greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). Overall (AIFs) Commitments raised (6.523), Fund Raised (0.962) and Investment Made (8.179) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test). Gross Capital Formation (-1.997) is greater than their critical values of 1 percent, 5 percent, and 10 percent levels of insignificant respectively (the values are given in parenthesis). Hence, H0 (the series has a unit root) is not rejected (following the ADF test).\u003c/p\u003e \u003cp\u003eThe following Figs.\u0026nbsp;2, 3 show the growing of AIFs in India and Gross capital formation in India\u003c/p\u003e \u003cp\u003e \u003cb\u003eInsert Figs.\u0026nbsp;2 \u0026amp; 3\u003c/b\u003e \u003c/p\u003e \u003c/div\u003e"},{"header":"8. Discussion","content":"\u003cp\u003eThe specific goal of this study is to provide a path ahead by empirically analyzing the dynamics of AIFs and their role in capital formation in the Indian financial landscape. Conclusions arrived at the end of study show that the ADF test validates the unit root of the AIFs categories, which is in line with the findings of other researchers. The mean and standard deviation figures support the claim that the variables are normally distributed, according to the summary statistic analysis. The values are optimistic and suggest that trade openness has a high standard deviation whereas economic growth and regional integration have the lowest standard deviation. Additionally, the findings of the correlation matrix show that the relationship between the variables is normal and that multicollinearity is not present in the data. For everyone, the Jarque-Bera test statistic's coefficient value is negligible. The AIFs category-wise distribution clearly resembles the normal distribution.\u003c/p\u003e \u003cp\u003eGlobally, AIFs are in the conceptual, development, or pilot stages. In order to create a solution that satisfies the requirements in the absence of a precedent, thorough stakeholder consultation and iterative technological design must be conducted. Even if the purpose of AIFs and their anticipated benefits are well known, it is still critical to find creative solutions and strong use cases that will increase AIFs' appeal to capital formation in India.\u003c/p\u003e \u003cp\u003eThe present study introduces AIFs in India, as well as any prospective design elements, policy consequences, and potential platform technology needs. Although the conclusions made here are exploratory in nature, they seem most appropriate at this particular juncture. The approach outlined in this concept necessitates a thorough planning regarding scope, budget, and schedule in order to guarantee the timely implementation of various stages of the introduction of AIFs.\u003c/p\u003e"},{"header":"9. Suggestions for future research","content":"\u003cp\u003eExplore various performance metrics such as return on investment, volatility, and risk-adjusted returns for different categories of AIFs. Assess how they compare with traditional investment options like mutual funds and stocks. Analyze the role of AIFs in capital formation for start-ups, SME and other sectors, considering both direct and indirect contribution. Evaluate the impact of AIFs of job creation and economic development. Benchmark the AIF landscape in India against international counterparts and identify successful practices and regulatory frameworks from other countries that could be adopted or adapted to enhance the efficiency and competitiveness of the Indian AIF industry. These detailed explorations within each research area can provide a nuanced understanding of the dynamics of AIFs in the Indian financial landscape, offering practical insights for policymakers, investors, and industry stakeholders. Just as the present study passed the COVID-19, the pandemic year, the world economy fell under the cruel grip of the pandemic. It was really a deep dip and so future researchers could concentrate on the effect COVID-19 on various countries. It must be pointed out that such international comparative studies are beyond the scope of the present study. Yet another suggestion could be assumed about attracting unaccounted, tax evading money in to the Indian economic arena for the welfare of the nation.\u003c/p\u003e"},{"header":"10. Conclusion","content":"\u003cp\u003eThe comprehensive analysis has shed light on the intricate dynamics of Alternative Investment Funds (AIFs) in the Indian financial landscape and their crucial role in capital formation. The study has provided valuable insights into various aspects, including performance, risk, regulatory frameworks, market integration, investor behavior, and the impact on capital formation across sectors. Investor segmentation highlighted varying preferences. The study underscored the importance of ongoing investor-education initiatives to enhance awareness and informed decision-making. This study serves as a foundational exploration into the multifaceted world of AIFs in India. By addressing the identified areas for improvement and capitalizing on opportunities for growth, stakeholders can collectively contribute to the resilience and effectiveness of the AIF sector, ensuring its continued role as a catalyst for capital formation and economic development in the Indian financial landscape.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\u003cli\u003e\u003cspan\u003eAndriosopoulos D, Panetsidou S (2021) A global analysis of private investments in public equity. 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Industrial Manage Data Syst 119(2):317\u0026ndash;330\u003c/span\u003e\u003c/li\u003e\u003c/ol\u003e"},{"header":"Tables","content":"\u003cp\u003e\u003cstrong\u003eTable 1\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eAbbreviations\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eSecurities Exchange Board of India\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eGCF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eGross Capital Formation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eAIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eAlternative Investment Funds\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eCR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eCommitments Raised\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eFR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eFunds Raised\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eIM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eInvestments Made\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eIF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eInfrastructure fund\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eSVF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eSocial Venture Fund\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eVCF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eVenture Capital Fund\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eSME\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003esmall and medium-sized enterprises\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eGDP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eGross domestic product\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eAIPAC\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eAlternative Investment Policy Advisory Committee\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eQIP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eQualified Institutional Placements\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eREITs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eReal Estate Investment Trusts\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eInvITs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eInfrastructure Investment Trusts\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.7848%;\"\u003e\n \u003cp\u003eCDS\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 77.2152%;\"\u003e\n \u003cp\u003eCredit Default Swaps\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 2\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eClassification of AIF in Global\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv\u003e\n \u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 11.6883%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTypes\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 88.3117%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eClassification\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 11.6883%;\"\u003e\n \u003cp\u003eI\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 88.3117%;\"\u003e\n \u003cp\u003eReal assets (including natural resources, commodities, real estate, infrastructure, and intellectual property)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 11.6883%;\"\u003e\n \u003cp\u003eII\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 88.3117%;\"\u003e\n \u003cp\u003eHedge funds (including managed futures)\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 11.6883%;\"\u003e\n \u003cp\u003eII\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 88.3117%;\"\u003e\n \u003cp\u003ePrivate equity (including mezzanine and distressed debt)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 11.6883%;\"\u003e\n \u003cp\u003eIV\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 88.3117%;\"\u003e\n \u003cp\u003eStructured products (including credit derivatives)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003eSource: Alternative Investments: CAIA Level I.p.4\u0026nbsp;\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 3\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eAuthor compiles variables and their sources\u003c/strong\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eVariables\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eShort form\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMeasurement and definition\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSource\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eInfrastructure Fund\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eIF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eCategory I of AIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eSocial Venture Fund\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eSVF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eCategory I of AIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eVenture Capital Fund\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eVCF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eCategory I of AIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eSmall Medium-sized enterprises\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eSME\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eCategory I of AIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eCommitments Raised\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eCR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eMode of Fund of AIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eFund Raised\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eFR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eMode of Fund of AIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eInvestment Made\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eIM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eMode of Fund of AIFs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eSEBI\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003eGross Capital Formation\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 14.4695%;\"\u003e\n \u003cp\u003eGCF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 37.6206%;\"\u003e\n \u003cp\u003e% of GDP\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 10.2894%;\"\u003e\n \u003cp\u003eWB\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 4\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eSummary Statistics of Alternative Investment Funds Category \u0026ndash; I in India\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv\u003e\n \u003ctable border=\"0\" cellspacing=\"0\" cellpadding=\"0\" width=\"491\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 43px;\"\u003e\u003cbr\u003e\u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFund\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;Mean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;SD\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;Skew\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;Kurt\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;JB\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;Prob.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;Obs.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIF\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e35056.92\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e15867.87\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e-0.348\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e1.9666\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e0.64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.723\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e18471.19\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e13322.79\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e-0.144\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e1.479\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e0.99\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.607\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e15604.8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e11811.81\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e-0.095\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e1.407\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e1.07\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.585\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSVF\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e5798.16\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e4341.21\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e0.625\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e1.917\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e1.13\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.565\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e3305.54\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e2858.04\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e0.802\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e2.732\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e1.10\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.575\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e1943.49\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e1422.43\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e0.166\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e1.888\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e0.56\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.755\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eVCF\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e64702.52\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e55787.5\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e0.309\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e1.924\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e0.64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.725\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e26535.52\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e28989.44\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e0.955\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e2.695\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e1.55\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.458\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e20740.47\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e24096.58\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e1.126\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e3.114\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e2.12\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.346\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSME\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e1439.4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e1495.26\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e1.323\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e3.74\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e3.14\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.207\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e489.98\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e296.988\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e-0.051\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e2.173\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e0.28\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.865\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e194.3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 64px;\"\u003e\n \u003cp\u003e233.39\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 56px;\"\u003e\n \u003cp\u003e1.859\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e5.734\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 44px;\"\u003e\n \u003cp\u003e8.87\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.011\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eSource:\u003c/strong\u003e Calculated data\u003c/p\u003e\n\u003cp\u003eIF: Infrastructure Fund, SVF: Social Venture Fund, VCF: Venture Capital Fund, SME: Small Medium-sized enterprises, CR: Commitments Raised, FR: Fund Raised, IM: Investment Made, GCF: Gross Capital Formation (% of GDP).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 5\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eSummary Statistics of AIFs and Capital Formation in India\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"521\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCategories\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFund\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMean\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSD\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSkew\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eKurt\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eJB\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eProb.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eObs.\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eI\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e107576.9\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e75440.81\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.24\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e1.86\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e0.63\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.72\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e48830.01\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e43786.06\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.509\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e1.929\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e0.91\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.63\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e38500.96\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e35893.62\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.575\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.058\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e0.92\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.63\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e712645\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e789364\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.846\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.397\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e1.34\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.51\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e310936.2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e334858.7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.809\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.309\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e1.29\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.52\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e266257.4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e301818.7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.935\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.532\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e1.54\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.46\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e116214\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e104465.8\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.246\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e1.649\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e0.86\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.65\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e100078.3\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e92650.41\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.33\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e1.711\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e0.87\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.64\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e90971.06\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e88943.47\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.551\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.028\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e0.89\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.63\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eOverall\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e936436\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e963312.6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.747\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.268\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e1.15\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.56\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e443254.2\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e458247.7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.725\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.208\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e1.13\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.56\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e395729.4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e425112.4\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.833\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.392\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e1.31\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.51\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 69px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGCF\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 55px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGCF\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e31.51\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 69px;\"\u003e\n \u003cp\u003e1.72\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 58px;\"\u003e\n \u003cp\u003e0.248\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 55px;\"\u003e\n \u003cp\u003e2.263\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 42px;\"\u003e\n \u003cp\u003e0.32\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 57px;\"\u003e\n \u003cp\u003e0.84\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e10\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e\u003cstrong\u003eSource:\u003c/strong\u003e Calculated data\u003c/p\u003e\n\u003cp\u003eCR: Commitments raised, FR: Fund Raised, IM: Investment Made, GCF: Gross Capital Formation (% of GDP).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 6\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eCorrelation of AIFs and \u0026nbsp;Capital Formation \u0026nbsp;in India\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"694\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 31px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"12\" valign=\"bottom\" style=\"width: 559px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCategories of AIFs\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" valign=\"bottom\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCGF\u003c/strong\u003e\u003c/p\u003e\n \u003cp\u003e%\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 31px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"3\" valign=\"bottom\" style=\"width: 143px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eI\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"3\" valign=\"bottom\" style=\"width: 142px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"3\" valign=\"bottom\" style=\"width: 142px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"3\" valign=\"bottom\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eOverall\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 31px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 48px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"12\" valign=\"top\" style=\"width: 31px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCategories of \u0026nbsp;AIFs\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd rowspan=\"3\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eI\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eCR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eFR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.988\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eIM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.988\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eCR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.962\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.987\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.991\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eFR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.966\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.990\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.993\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eIM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.953\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.982\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.986\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.998\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eCR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.991\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.979\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.980\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.958\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.961\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.945\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eFR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.990\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.984\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.986\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.969\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.971\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.957\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eIM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.988\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.993\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.996\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.989\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.990\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.982\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.990\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.994\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003eOverall\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eCR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.974\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.992\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.996\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.995\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.971\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.980\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.995\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eFR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.975\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.994\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.996\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.998\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.995\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.972\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.980\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.995\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1.000\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 32px;\"\u003e\n \u003cp\u003eIM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e.966\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.989\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.993\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e1.000\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.961\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.971\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.990\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e.999\u003csup\u003e**\u003c/sup\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 31px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 62px;\"\u003e\n \u003cp\u003eCGF %\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 48px;\"\u003e\n \u003cp\u003e-.598\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.554\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.542\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.469\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.474\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.449\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.549\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.541\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.507\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.491\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 47px;\"\u003e\n \u003cp\u003e-.491\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 38px;\"\u003e\n \u003cp\u003e-.470\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 43px;\"\u003e\n \u003cp\u003e1\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003e**. Correlation is significant at the 0.01 level\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eCR : Commitments raised. \u0026nbsp;FR: Fund Raised. \u0026nbsp;IM: \u0026nbsp; Investment Made. GCF: Gross Capital Formation (% of GDP)\u003c/p\u003e\n\u003cp\u003eSource: Calculated data\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 7\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eUnit root test and stationarity test for AIFs and Capital Formation\u003c/strong\u003e\u003c/p\u003e\n\u003cdiv\u003e\n \u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTest Statistic\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u003cem\u003eP\u003c/em\u003e\u003c/strong\u003e\u003cstrong\u003e\u0026nbsp;value\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eComment\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eI\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e1.959 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e0.998\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e3.843 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e6.603 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e7.003 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e0.241 (-4.582)(-3.320)(-2.801)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e0.955\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e7.444 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIII\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e1.053 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e0.992\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e1.345 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e0.995\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e2.954 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e0.999\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" valign=\"top\" style=\"width: 30px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eOverall\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e6.523 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e0.962 (-4.582)(-3.320)(-2.801)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e0.989\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"bottom\" style=\"width: 62px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e8.179 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 92px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eGCF\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 245px;\"\u003e\n \u003cp\u003e-1.997 (-4.420)(-3.259)(-2.771)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 101px;\"\u003e\n \u003cp\u003e0.282\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 157px;\"\u003e\n \u003cp\u003eHo: not rejected\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n \u003c/table\u003e\n\u003c/div\u003e\n\u003cp\u003eSource: Compiled from Eviews10\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eCR : Commitments raised. \u0026nbsp;FR: Fund Raised. \u0026nbsp;IM: \u0026nbsp; Investment Made. GCF: Gross Capital Formation (% of GDP)\u003c/p\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"Alternative Investment Funds, Capital Formation, Policy Implications, Investment Decisions, Hedge Funds, Venture Capital","lastPublishedDoi":"10.21203/rs.3.rs-5277525/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5277525/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003e\u003cem\u003eThis study delves into the intricate dynamics of Alternative Investment Funds (AIFs) in the context of the Indian financial landscape. The primary focus is on understanding how these factors influence gross capital formation, making AIFs increasingly integral to capital-raising activities in the Indian economy. By employing pooled data, this research sheds light on the multifaceted investments made by AIFs and their role in shaping the future of capital formation. The study reveals that AIFs, with their encompassing categories I, II and III of investment avenues, can play a pivotal role in transforming traditional investment practices. The findings underscore the significance of AIFs in offering alternative avenues for investment, providing a way forward for traditional investors. The implications of these results extend to policy considerations, particularly for developing countries exploring innovative approaches to capital formation.\u003c/em\u003e\u003c/p\u003e","manuscriptTitle":"Unveiling the Dynamics of Alternative Investment Funds (AIFs): A Comprehensive Analysis of Their Role in Capital Formation in the Indian Financial Landscape","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2024-10-17 07:06:45","doi":"10.21203/rs.3.rs-5277525/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"7116faf7-12d1-4d23-b14d-61a0c0ae5224","owner":[],"postedDate":"October 17th, 2024","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":39039763,"name":"Other Business"},{"id":39039764,"name":"Finance"}],"tags":[],"updatedAt":"2024-10-17T07:06:45+00:00","versionOfRecord":[],"versionCreatedAt":"2024-10-17 07:06:45","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-5277525","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-5277525","identity":"rs-5277525","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}