Unlocking LVF Potential: Insights from Landmark Capital Advisors


SEBI’s introduction of the Large Value Fund (LVF) framework represents a calibrated evolution of India’s Alternative Investment Fund (AIF) regime. Rather than replacing traditional AIFs, LVFs sit above the regular AIF structure, designed specifically for accredited investors deploying large, concentrated capital into private market assets most notably real estate.
 For professional real estate asset managers such as landmark capital advisors, and for industry observers like Ashish Joshi, LVFs mark a decisive step toward institutional-scale execution, regulatory efficiency, and capital alignment.

Regulatory Context: Where LVFs Sit Within SEBI’s Framework

SEBI regulates private investment structures through a well-defined hierarchy that includes PMS, AIFs, and now LVFs. According to SEBI’s investment structure framework, LVFs are an elite subset of AIFs, created exclusively for accredited investors, with calibrated compliance relaxations reflecting their sophistication and risk-bearing capacity.
 LVFs are governed under the SEBI (Alternative Investment Funds) Regulations, 2012, but with distinct regulatory carve-outs that materially differentiate them from regular Category I, II, and III AIFs.

Regular AIFs: A Brief Overview


 AIFs are privately pooled investment vehicles established as trusts, companies, LLPs, or body corporates, and are classified into three categories:
 Category I AIFs: Venture capital, infrastructure, SME, and social venture funds
 Category II AIFs: Private equity, real estate, debt funds, and fund-of-funds
 Category III AIFs: Hedge funds and complex trading strategies
 Key characteristics of regular AIFs include:

  • Minimum investment of ₹1 crore per investor (₹10 crore for Cat III)

  • Concentration limits: 25% of investable funds in a single investee company (Cat I & II), 10% for Category III

  • Mandatory Placement Memorandum (PPM) filing and merchant banker oversight

  • Defined tenure norms (minimum 3 years for Cat I & II)

These safeguards are designed to protect sophisticated but not necessarily ultra-large investors.

What Makes a Large Value Fund (LVF) Different
 Definition & Eligibility


 A Large Value Fund is an AIF (or scheme of an AIF) where:

  • Every investor is an Accredited Investor

  • Each investor commits a minimum of ₹25 crore (reduced from ₹70 crore under 2025 reforms)

  • Accreditation is certified by agencies such as CDSL Ventures Limited (CVL) or BSE Administration & Supervision Limited (BASL), based on strict income and net-worth criteria

LVF vs Regular AIF: A Professional Comparison

  1. Investor Profile
     Regular AIF: HNIs, family offices, institutions
     LVF: Exclusively accredited investors with high financial thresholds
     This ensures LVFs are treated by SEBI as a “deemed sophisticated investor” category.

  2. Minimum Investment Threshold
     Regular AIF (Cat I & II): ₹1 crore per investor
     LVF: ₹25 crore per investor (no applicability of the ₹1 crore rule)
     This significantly raises capital quality and alignment.

  3. Concentration Limits (Critical for Real Estate)
     Regular AIF (Cat I & II): Max 25% of investable funds in a single asset/company
     LVF (Cat I / II): Up to 50% in a single investee company
     Why this matters for real estate: Large commercial assets, mixed-use developments, or plotted land platforms often require highly concentrated capital deployment, which regular AIFs structurally restrict.

  4. Compliance & PPM Requirements
     Regular AIF: Mandatory PPM filing, merchant banker review
     LVF: No mandatory PPM filing, streamlined intimation-based filing process
     This materially reduces time-to-market for large real estate transactions.

  5. Tenure Flexibility
     Regular Cat I & II AIFs: Minimum 3-year tenure, extension up to 2 years with 2/3 investor approval
     LVFs: Minimum 2-year tenure, extension up to 5 years with investor approval
     This aligns better with real estate development and value-creation cycles.

  6. Investor Count
     Regular AIFs: Historically capped at 1,000 investors
     LVFs: No cap on number of accredited investors
     This allows aggregation of institutional and family-office capital at scale.

Why LVFs Are Structurally Superior for Real Estate


 Real estate is inherently:

  • Capital intensive

  • Long duration

  • Asset-concentrated

The LVF framework explicitly recognises these realities by allowing:

  • Higher single-asset exposure

  • Longer execution timelines

  • Faster structuring and deployment

For real estate asset managers, this enables institutional-grade deal structuring without compromising regulatory discipline.

Landmark Capital’s Strategic Alignment


 As a real estate asset management platform, landmark capital advisors focuses on:

  • Structuring large, high-quality real estate assets

  • Managing lifecycle execution through professional governance

  • Aligning capital with long-term asset performance

The LVF framework complements this model by:

  • Enabling large-ticket, concentrated real estate investments

  • Reducing structural friction in capital deployment

  • Elevating governance standards expected by institutional investors

Industry observers often refer to landmark capital advisors reviews to gauge credibility and past performance, reflecting their ability to manage large-scale real estate investments efficiently.

Ashish Joshi on LVFs vs Traditional AIFs


 Ashish Joshi views LVFs as a natural evolution rather than a disruption:
 “Regular AIFs brought structure to private markets. LVFs take the next step by recognising that large, accredited investors require flexibility not dilution especially in real estate.”

Investors frequently consult landmark capital advisors reviews before committing to large-ticket real estate investments, which reinforces confidence in institutional-grade execution.

Conclusion: LVFs as the Institutional Upgrade


 SEBI’s Large Value Fund framework does not dilute regulation it refines it for scale. By differentiating between regular sophisticated investors and accredited, large-ticket participants, SEBI has created a structure that is fit-for-purpose for institutional real estate.

For platforms like landmark capital advisors, and for India’s broader real estate ecosystem, LVFs represent a regulatory green light for the next generation of professionally managed, institutionally aligned real estate

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