Edelweiss Mutual Fund’s Radhika Gupta bets on SIFs opening a new chapter in India’s alternatives story

The newly introduced Specialised Investment Fund (SIF) category is set to redefine how Indian investors access alternative strategies, bridging the gap between mutual funds and Alternative Investment Funds (AIFs), believes Radhika Gupta, Chief Executive Officer at Edelweiss Mutual Fund.

India’s investor base is highly diverse, ranging from those investing Rs 100 in mutual funds to others with significant wealth and complex financial needs. “While AIFs and PMSs provide flexibility, the mutual fund framework offers comfort, tax efficiency, and accessibility. SIF, as designed by the regulator, combines the best of both worlds — flexibility with the comfort of a mutual fund structure,” Gupta said at the Morningstar Investment Conference India.

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Talking about Edelweiss’s approach, she said the firm’s SIF platform, Altiva, aims to build “thoughtful, absolute-return-oriented products” across long-short, private credit, real assets, and equity strategies, all designed to add value beyond traditional mutual funds.

However, Gupta emphasised that education will be key to the success of this category. “If we don’t do the groundwork, SIFs risk becoming limited to institutions like AIFs were. The ₹10 lakh entry point opens access to the mass affluent segment, but awareness about risk is crucial,” she said.

She further cautioned that not all SIFs are the same. “Two hybrid long-short funds can have very different exposures — one at 0% equity, another at 40%. Investors cannot just sort by returns like they do in mutual funds. Advisors must help clients understand volatility, risk-adjusted returns, and derivatives beyond arbitrage.”

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Looking ahead, Gupta said the goal for Altiva SIF is to build a credible, long-term brand in semi-liquid alternatives. “While our first launch is in arbitrage plus, the opportunity is much bigger across equity, private credit, and real assets. We want to grow consistently, with investor experience and trust at the core, not by chasing short-term collections.”