An investment made in a private company's equity before it lists on a public stock exchange, typically accessed through venture capital funds, private equity funds, or SEBI-registered Category I AIFs rather than direct retail purchase. Pre-IPO investing carries higher risk and illiquidity than public market investing but offers access to a company's growth phase before public listing re-rates its valuation.
https://www.alphaamc.com/artic....les/aifs-in-india-th

AIFs are SEBI-regulated funds (Category I, II, III) that pool capital from HNIs and institutions to invest in private equity, venture capital, SMEs, and other alternative assets, typically requiring a ₹1 crore minimum. Alpha AMC operates one such Category I AIF. Alternative Investment Funds (AIFs) give sophisticated investors regulated access to private markets — startups, SMEs, and private equity. Alpha AMC manages a SEBI-registered AIF in this space.
https://www.alphaamc.com/aif/