Mumbai, March 2, 2026: In a significant development in India’s asset management and alternative investment space, the Securities and Exchange Board of India (SEBI) has approved the proposed change in Manager and Sponsor for five Category II Alternative Investment Funds (AIFs) from ICICI Venture Funds Management Company Limited (IVen) to ICICI Prudential Asset Management Company Limited (IPru AMC).
The update was disclosed by ICICI Bank Limited in a regulatory filing to stock exchanges on March 2, 2026.
SEBI Approval Valid for Six Months
According to the disclosure, IVen informed ICICI Bank via email at 5:32 p.m. that SEBI, through its letter dated March 2, 2026, has granted approval for the proposed restructuring.
The approval is valid for a six-month period, during which the transaction must be completed subject to regulatory compliances, execution of necessary agreements, and completion of procedural formalities.
AIFs Covered Under the Approval
The SEBI clearance applies to the following Category II AIFs:
India Advantage Fund S4 I (IN/AIF2/15-16/0170)
India Advantage Fund S5 I (IN/AIF2/21-22/0939)
India Advantage Fund S5 II (IN/AIF2/21-22/0998)
India Real Estate Investment Fund Series 2 (IN/AIF2/22-23/1144)
Iven Amplifi Fund (IN/AIF2/23-24/1341)
These funds operate under the Category II AIF framework, which includes private equity, debt, and real estate funds that do not undertake leverage except for operational requirements.
