HDFC AMC

SELECT AIF FOF - I

Category II AIF - Investing in Venture
Capital and Private Equity oriented AIFs
Table of Contents

01
Private Markets
02
Indian VC/PE Landscape
3-8 9-15

03
HDFC AMC Select AIF FOF-I
04
Annexure
16-29 30-31
01
Private Markets
4

Indian Private Markets: A Snapshot

57K 1,088 $131 Bn

Indian startups launched to M&A deals recorded Funding raised by startups
date between 2014 & H1 2022 between 2014 & H1 2022

5,050 18 $450 Bn+

Funded startups Indian internet companies Combined valuation of
in India listed to date Indian startups

9.3K 105 $340 Bn+

Investors participated in Indian startups in the Combined valuation of
startup funding between unicorn club unicorns
2015 & H1 2022

Source - Inc42 | Note - Calendar Year data as of 30th June, 2022 STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
5

Private Market Edge

Potential to earn Diversification Close proximity Wider investment

higher returns complementary to value-add and deep universe
as companies are in listed equity portfolio engagement approach access companies and
early, high-growth, enable managers to sectors not available
transitory stage of influence outcomes of in listed markets―
their life cycles their investment number of private
companies is higher
than listed

STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.

Please refer to the disclaimer on page 33 for further details
6

Venture Capital ― Early Adopters

Opportunity to invest in very early/early stage, Sectoral breakup of active startups in India
disruptors/challengers ― high growth, tech-enabled
businesses Deeptech
6.9%

2,769
Media & Enterprise tech
7,469
Entertainment
Wider and more diverse investable universe 7.9%
3,141 18.7%

Edtech
8.0% 3,205

Access to sectors such as Fintech, B2B 39,960

Active Startups Other
Enterprise tech, SaaS, Edtech, D2C brands, Healthtech 3,548
6,090
15.2%
8.9%
Agri-tech, Blockchain, AI/ML
3,784
Consumer Ecommerce
5,127
Potential to generate outsized returns as services
9.5%
4,827 12.8%

investment opportunities are available at the

ideation, incubation and acceleration stages of a Fintech
business 12.1%

Source - Inc42 | Note - Data as of 31st December, 2021 | Other includes agritech, transport STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
tech, clean tech, travel tech, logistics (tech) and real estate (tech) Please refer to the disclaimer on page 33 for further details
7

Private Equity ― High Growth/Improved Efficiency

Acquire Transformation of businesses to enhance efficiency metrics

substantial/significant
minority stakes

Representation on the
Board and select Business Digital & technology Improved capital Formulation of governance
committees of investee strategy initiatives structure & HR policies
companies

Opportunity for transactions Multiple avenues of exit,

at a discounted valuation as including IPO, secondary
compared to public markets and strategic sale

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8

Digital India: Transforming existing industries and creating new markets

Startup India, Digital India, Atmanirbhar Bharat and several other government-led initiatives laid the
foundation for the leapfrogging of digital adoption in India.

Access to cheap and ubiquitous data UPI-led payments

800 Mn+ 600 Mn+ 1.18 Bn+ 305 Mn+ Users doing
Internet users Smartphones Mobile connections online transactions in India

$0.68 Per GB 4.7 Average hours spent on 104 Bn+ Total No. of UPI
Cost of data in India mobile per day per user transactions as of June 2022

$2.2 Tn+ Total value of

UPI transactions as of June
Identity mapping and eKYC (via Aadhar) 2022

99% of the net Indian adult

population holding Aadhaar card

Source - Inc42, Economic Times, Mint STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
02
Indian VC/PE Landscape
10

Indian VC/PE value of investments trend…

80.0 77.1
Growth of ~5X in 5 years 2.6 Flow momentum
70.0
4.5 continues in first
half of 2022
60.0
28.5
(Value in US$ billion)

50.0 46.5 47.6

3.1 2.6
3.1
40.0 37.4 4.7 7.3
2.7
34.1
3.7 11.7 3.1
30.0 26.2 22.0 2.0
11.8
2.5 10.0
3.8 13.3
20.0 16.2 17.2
2.9 8.6 10.4
1.6 4.3
10.0 3.5 22.9
3.0 19.6
4.2 10.5 10.0 11.4
8.4
0.0 4.0
2016 2017 2018 2019 2020 2021 1H2022
Growth Buyout Start-up PIPE Credit investment

Investments split across deal segments

Source - IVCA_EY-Monthly-PEVC-Roundup_June-2022 | Note - Calendar Year data STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
11

…Number of deals exhibiting a similar course

1,400
1,270
85 Number of deals
1,200
77 have more than
1,029 doubled in the last
1,000 76 923
5 years
58
74
767
(number of deals)

800 62 714
68
Average value of
588 596 46 858 46
31 deals increased
600 55 materially
65 681
34 42
628
400 472
506
366 373

200 63
49 62
26 43 25
33 187
100 132 152 116 106
90
0
2016 2017 2018 2019 2020 2021 1H2022
Growth Buyout Start-up PIPE Credit investment

Investments split across deal segments

Source - IVCA_EY-Monthly-PEVC-Roundup_June-2022 STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
12

…and are well diversified (value in US$ billion)

2019 2020 2021 1H2022

4.8 2.5 4.3

7.7 9.1 1.3 10.5 11.7 1.3
1.3 7.3
2.1 1.5
0.8 3.3
21.7 3.8
4.6 16.1 2.2
5.2 5.4 4.2
2.7
13.8 3.9 4.7
5 5.3 3.4 4
6.1 16.3
3 3.4
2.1

Financial services E-Commerce Technology Real estate Media and Entertainment

Infrastructure Education Healthcare Logistics & Transportation Others

Source - IVCA_EY-Monthly-PEVC-Roundup_June-2022 | Note - 'Others' includes - Retail and consumer products, Telecom, etc STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
13

VC/PE exits since 2016

50.0 281 300

Exit environment getting healthier
261
45.0
250
40.0
211
35.0
200
176
30.0 159
151
25.0 120 150
43.3
20.0
100
15.0
27.0
10.0
50
13.1 11.2
5.0 9.6
6.7 6.0
0.0 0
2016 2017 2018 2019 2020 2021 1H2022
Value ($ Bn) # of Exits

Source - IVCA_EY-Monthly-PEVC-Roundup_June-2022 STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
14

Secondary and strategic sales continue to be mainstay of exits

18,000
16,920

16,000
2018 2019 2020 2021 1H2022
14,442
14,000

12,000

10,000
USD Mn

8,000

6,089 6,100
6,000
5,000 5,086
4,579
4,020
4,000
2,391 2,504 2,465 2,304
1,700 1,942 1,888
2,000 1,245
913 1,026 1,100 900
404 632 423
335 247
0
# Number of Exits 56 49Open66
Market79 24 42 34 Secondary
20 56 15 50 55 Strategic
44 93 72 16 11 Buyback
11 8 2 13 8 IPO
10 44 7

Open Market Secondary Strategic Buyback IPO

Source - IVCA_EY-Monthly-PEVC-Roundup_June-2022 STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
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15

Venture Capital and Private Equity funds in India―Returns over the years
Category-I: Venture Capital Funds Pooled IRR (%) Category-II: Equity Funds–Unlisted
Pooled IRR (%)

80.0 18 11 8 12 16 3 60.0 4 11 12 21 28 7
70.0 50.0
60.0
40.0
50.0
40.0 30.0

30.0 20.0 44.1

52.7
20.0 36.0 35.8 37.4 39.5 23.5 25.8
10.0 16.5
15.4 12.6
10.0 20.7
0.0 Vintage
0.0 Vintage
FY16 FY17 FY18 FY19 FY20 FY 21^
FY16 FY17 FY18 FY19 FY20 FY 21^
Pooled IRR (%) No. of schemes
Pooled IRR (%) No. of schemes

Source: CRISIL AIF Benchmark Report–Returns as on September 30, 2021.

Category-II: Equity Funds–Listed + Unlisted Note: Only those vintage years have been considered in which at least three schemes are
Pooled IRR (%) available.
100.0 5 12 10
Vintage year-Benchmarks for categories-I and -II are calculated based on their vintage years.
80.0 Vintage year is defined as the financial year in which the scheme had its first close, i.e., the
vintage year of a fund will be Vintage FY16 if it had its first close between April 1, 2015, and
60.0 March 31, 2016.

40.0 Returns and ratios refer to post-expense, pre-carry, pre-tax values

75.1
Pooled IRR denotes the IRR calculated at an aggregate level by pooling all the cash flows that
20.0 have occurred within all the schemes belonging to the category and the vintage year.
15.1 24.5 ^Only those schemes are considered which have completed one year since the first close date
0.0 Vintage
as on September 30, 2021.
FY17 FY18 FY19
STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Pooled IRR (%) No. of schemes Please refer to the disclaimer on page 33 for further details
03
HDFC AMC Select AIF FOF-I
17

HDFC Group and HDFC AMC

About HDFC Group: A recognized financial
conglomerate with presence in housing finance, banking, life
and non-life insurance, asset management, real estate funds
and education finance.
HDFC Asset Management Company (HDFC
AMC) is the investment manager to HDFC Mutual Fund, one of
India’s largest Mutual Fund’s by Assets Under Management (AUM). Our
consistent position as of one of India’s leading asset management
companies is driven by our comprehensive investment philosophy,
process and risk management.

HDFC AMC is a registered portfolio manager with SEBI and is licensed to

act as an investment manager to Category-II Alternative Investments
Funds.

Our Group’s history of serving customers
across financial products gives us the
credibility and confidence to develop new
solutions that are relevant to different
audiences in evolving markets.
As the private markets industry in
India grows increasingly complex,
teamwork and information sharing
across the landscape has never been
so important.
Our integrated approach enables
HDFC Alternatives to operate as a
cohesive, connected team by sharing
relationships and insights ― all
elements that lead to better solutions
for our clients.

STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.

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18

HDFC AMC Select AIF FOF-I

Pre-IPO/
Late-stage

Mid-market/
Growth/Buyouts

Product-Market
Fit/Unit Economics

Proof of Concept

Pre-product/
pre-revenue

"Select" funds across stages

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19

About the Fund

A Category II AIF―HDFC Portfolio Construct:

AMC Select AIF FOF-I will • Up to 50% in venture capital funds and balance in private equity funds
invest in Category I and II • Maximum exposure to co-investment opportunities will be capped at 30%
Venture Capital/Private of the corpus
Equity (VC/PE) oriented AIFs
Portfolio Characteristics:
The Investment Manager will • Invest in ~15 VC/PE funds
endeavour to further • Diversified across various stages, investment styles, sectors and vintages
optimise the performance of
the fund by capitalising on
co-investment opportunities
Strategy: To concentrate capital into what we believe to be best-in-class set
of funds and available co-invest opportunities. We will leverage our network
to gain access to what we have determined to be the most attractive
opportunities at ideal stages and through efficient structures. We believe this
strategy is designed to produce an asymmetric return profile that may limit
losses, while capturing the attractive upside that venture and growth equity
investments can provide

Note - Number of funds is an indicative number and may increase/decrease depending on various factors. STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
20

HDFC AMC Select AIF FOF-I: Key Differentiators

Holistic, Rigorous & Our Preferred Optimal Portfolio

Robust Risk
Analytical Fund Selection Partners Construction
Management

HDFC AMC to invest 10% of Capital Commitment raised

Effective Access Performance Reporting High Governance

Diversification & Analysis Standards

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21

Holistic, Rigorous & Analytical Fund Selection

Leverage our network to

Proactive outreach Exhaustive qualitative & perform extensive Final investment case
to managers quantitative screening reference checks presented to the IC

2 4 6
1
1 3 5 7

Preliminary scan Deep-dive onsite Comprehensive due diligence

visit by an external firm

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22
Our Preferred Partners
Well-aligned managers with
established track records
Emerging managers with
distinguished backgrounds and
experience in the eco-system
Partner with managers who have: Sponsor/Investment Manager
• Clear investment thesis capital commitment, culture,
• Value-add approach team depth & alignment
• Disciplined process are paramount
• Credibility in investment community
• Robust risk management &
governance framework
• Inclination to go beyond the legal
and contractual obligations in
disclosures and information sharing
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23

Optimal Portfolio Robust Risk Management &

Construction Governance

Focus on optimizing risk, improving Exposure to a single fund capped at 20% of

returns and augmenting cash flows the total capital commitment

Seek managers with Capital commitment in any fund will not be

complementary attributes more than 20% of the underlying fund’s total
capital commitment*
Flexibility to explore secondaries
and winners funds across the Detailed diligence of downstream funds
spectrum―J curve mitigation and documents and structures by an external
improved cash yield legal counsel

Endeavour to enhance performance Demonstrate rigorous accountability,

of the fund by capitalizing on transparency, and adoption of best practices as
co-investment opportunities well as aim to achieve similar objectives the
underlying investee funds

*except for specified instances like secondaries, funds tailored for follow on, etc. STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Please refer to the disclaimer on page 33 for further details
24

Effective Diversification

Pre-product/pre-revenue

Up to ~50% Proof of Concept

Venture Capital
8-12 Funds Product-Market Fit/Unit Economics

HDFC AMC Select AIF Crossovers

FoF-I allocating across
~15 funds Large mid-market

Minimum 50% Niche mid-market

Private Equity
5-8 Funds Buyout

Sectoral/Thematic

Note - Maximum exposure to co-investment opportunities will be capped at 30% of the corpus STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
Number of funds is an indicative number and may increase/decrease depending on various factors Please refer to the disclaimer on page 33 for further details
25

Access

Overcome the challenges related Provide inroads into Solve the challenge of minimum
to minimum commitment hard-to-access funds commitment size required to
requirement in certain funds achieve proper diversification
across multiple funds

Institutional status and larger commitment paves

the way for co-investment opportunities and
investor advisory committee presence

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Please refer to the disclaimer on page 33 for further details
26

Performance Reporting & Analysis

Demonstrate high level of Regular updates on the Overview of underlying

transparency in operations investments in the fund portfolio of investee
companies, including its
characteristics, associated
risk and growth

Go beyond the stipulated Performance of underlying Detailed statements for

requirements in reporting funds and their investee accounting and tax filing
companies (to the extent with requisite supporting
possible) documents

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Please refer to the disclaimer on page 33 for further details
27

Why HDFC AMC Select AIF FOF-I?

Leverage our expansive Effective Diversification Diligence

network and provide access Stage, sector, style, vintage, Exhaustive qualitative &
to funds with high minimum investment type quantitative diligence
capital commitments and coupled with comprehensive
hard to access funds due diligence by an external
firm

STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.

Please refer to the disclaimer on page 33 for further details
28

Most Important

CAPITAL RISK LIQUIDITY RISK COMMITMENT RISK

Investments are predominantly in The fund is close ended with a tenure of Essential to fulfil all drawdowns,
early, high-growth, transitory stages (11+1+1 years) failure to do so will trigger default
of a business, an investor may clause
witness erosion of capital

Note - Transfer of commitment to another investor at a price agreed between the two parties will be facilitated

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29

Key Features*
Scheme HDFC AMC Select AIF FOF – I

Target Corpus ₹ 1,500 crore + green shoe of up to ₹ 1,500 crore

Investment Manager Contribution 10% of Capital Commitment raised

Term of the Fund 11 + 1 + 1 years

Minimum Capital Commitment ₹ 1 crore

Commitment Period The Commitment Period shall commence from the date of First Closing and shall end on completion of 5 (five) years from the Final Closing
The FOF Scheme shall issue the following Classes of Units:
Class Description (including the complete eligibility criteria)

Classes of Units Class A Units To Contributors (either individually or with their affiliates) in accordance with the terms of their respective Contribution Agreements

Class D Units To Contributors (either individually or together with their affiliates) introduced by Placement Agent(s), in accordance with the
terms of their respective Contribution Agreements

2% p.a. Management Fee & 20% Carry with full catchup

Management Fee & The Management Fee & Carry set forth above shall be inclusive of any management fees & carry of the underlying Investee Funds by virtue of the
Carry FOF Scheme I’s investment in such underlying Investee Funds. If any underlying fund charges higher than 20% carry with full catchup, contributor
will bear the same on actuals.
In addition to the aforementioned Management Fee, the Investment Manager shall charge an additional management fee of up to 0.5%
(zero point five percent) p.a. (plus applicable taxes) on Capital Commitments to holders of Class D Units

Hurdle Rate of Return XIRR of 10% (pre-Tax) in Indian Rupees on Capital Contributions received by the FOF Scheme I

STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.

* For Further details, refer Private Placement Memorandum Please refer to the disclaimer on page 33 for further details
04
Annexure
31

Taxation of a Category II AIF

Domestic tax rates for its investors

Resident corporate Non-resident non- Non-resident

Type of income Resident individual Resident Indian LLP
entity corporate entity corporate entity

Dividend income2 35.88% 34.94% 25.17%6 or 29.12%7 23.92% 21.84%

Long-term Capital Gains (STT paid) 3 11.96% 11.65% 11.65% 11.96% 10.92%

Long-term Capital Gains (STT not paid) 23.92%5 & 8 23.3%5 23.3%5 11.96%4,8 10.92%4

Short-term Capital Gains (STT paid) 17.94% 17.47% 17.47% 17.94% 16.38%

25.17%6 or 29.12%7 or
Short-term Capital Gains (STT not paid) 42.74% 34.94% 42.74% 43.68%
34.94%

Notes
1. All the above tax rates are for the investments made in shares of an Indian company and including the highest rate of surcharge applicable and health and education cess of 4%
2. W.e.f. 1 April 2020, dividends are taxable in the hands of the shareholder (and not the portfolio company)
3. On capital gains exceeding INR 1 lakh (in case of listed equity shares or unit of equity oriented fund or unit of a business trust) and without indexation benefit
4. Without indexation
5. With indexation
6. As per section 115BAA where a domestic company not engaged in manufacturing foregoes certain specified incentives and deductions
7. As per Part E of First Schedule where the turnover of a domestic company does not exceed 400 crores in financial year 2020-21. Subject to Minimum Alternate Tax of 17.47%
8. As per Finance Act, 2022, surcharge rate for long-term capital gains on any assets (including unlisted securities) arising to an individual, Hindu Undivided family or Association of person shall be capped at 15 %
9. Category II AIFs have been accorded tax pass through status for income other than business income under the Act
10. Withholding tax in case of distribution of income other than business income (except exempt income) at:
• 10% to resident investors and
• at rates in force in case of non-resident investors
11. The aforesaid is indicative and does not constitute advice on tax, for which you may kindly consult your tax advisor
STRICTLY FOR PRIVATE CIRCULATION ONLY. NOT FOR PUBLIC DISTRIBUTION.
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THANK YOU
Disclaimer
This material is in relation to ‘HDFC AMC Select AIF FoF – I’ (“FoF Scheme I”) which a scheme of HDFC AMC AIF-II (“Trust”), the alternative investment fund managed by HDFC Asset Management Company Limited
(“Manager”) and is registered with the Securities and Exchange Board of India (“SEBI”) as a Category II Alternative Investment Fund under the SEBI (AIF) Regulations, 2012 (“AIF Regulations”).
The contents of this material have been prepared for initial discussions only and may undergo change in the future and are qualified in their entirety by the private placement memorandum (“Memorandum”) of HDFC AMC
Select AIF FoF – I (“FoF Scheme I”) and the definitive documentation to be entered into for the Fund (the “Fund Documents"). Any inconsistency between the contents of this material and the Memorandum or the Fund
Documents shall be resolved in favour of the Memorandum and the Fund Documents. In case of any inconsistency between this material and the Memorandum and the Fund Documents, the contribution Fund Documents
shall prevail.
This material is neither a general offer or solicitation to invest in the FoF Scheme I. Prospective investors shall note that no returns from the FoF Scheme I are assured or guaranteed. This material does not purport to be all-
inclusive, nor does it contain all of the information which a prospective investor may desire. An offering on a private placement basis will be made pursuant to a private placement memorandum and other definitive fund
documents, which will be furnished to eligible prospective investors on a confidential basis at their request for their consideration of such offering. Any such offer or solicitation shall only be made pursuant to a final
confidential private placement memorandum (as amended or supplemented from time to time) of the FoF Scheme I, which will contain numerous disclosures concerning the risks of investing in such FoF Scheme I. The
information contained herein is qualified in its entirety by the FoF Scheme I’s private placement memorandum and the other fund documents. The Manager’s investment decisions may not be always profitable, as actual
market conditions may be at variance with anticipated trends. The Manager (including its affiliates) and any of its directors, officers, employees and other personnel will not accept any liability, loss, damage of any nature,
including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner whatsoever.
Except where otherwise indicated herein, the information provided herein is based on matters that exist as of the date of preparation and not as of any future date. The contents of this material are provisional and may be
subject to change without notice. In the preparation of the material contained in this material, the Manager has used information that is publicly available and certain research reports including information developed in-
house. The Manager shall not be liable for relevance, accuracy or completeness of the information contained herein or for complying with laws/licensing requirement as otherwise applicable with respect to the recipient of
this material and disclaim any and all liability as to the information set forth herein or omissions here from, including, without limitation, any express or implied representation or warranty with respect to such information.
This material may include certain statements which contain words or phrases such as “believe”, “expect”, “anticipate”, “intend”, and similar expressions that are speculative and forward looking, which may be formed on the
basis of historical information or past performance. This may include statements relating to a company’s general business plans and strategy, its future growth prospects, and future developments in its industry and its
competitive and regulatory environment. Actual results may differ materially from those suggested by the speculative and forward-looking statements due to risks, uncertainties or assumptions.
Description of certain risks involved would be set out in the Memorandum, if and when issued, or the Fund Documents. Such risks should be carefully considered by the recipient before making any investment decision. No
reliance should be placed upon the contents of this material by any person who may subsequently decide to apply, or not apply, for interests in the Fund and/or any funds managed, advised or sponsored by HDFC AMC
and/or its affiliates.
The recipient alone shall be responsible/ liable for any decision taken on the basis of this material. This material and the information set forth herein is not targeted at the residents of any particular jurisdiction or country and
is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation or require compliance with any local filing requirements. It is
the responsibility of the recipient to satisfy itself as to full compliance with the applicable laws and regulations of any relevant territory, including obtaining any requisite governmental, regulatory or other consent (where
applicable) and observing any other formality presented in such territory. Further, any rates of return and other yields as may be indicated are illustrative only and may change depending upon prevailing market, taxation,
regulatory and other relevant factors.
This material cannot be copied, reproduced, in whole or in part or otherwise distributed without prior written approval of the Manager.
Prospective investors should make an independent assessment, and consult their own counsel, business advisor and tax advisor as to legal, business and tax related matters concerning this material and the other related
documents before investing in the FoF Scheme I. The information contained in this material has been prepared by Manager for general guidance and does not constitute a professional advice and no person should act upon
any information contained herein without obtaining specific professional advice. Please read the Private Placement Memorandum, Contribution Agreement and other related documents of the FoF Scheme I
The information in this material has not been evaluated from the specific legal/regulatory requirement of any particular jurisdiction. Neither the Manager (including affiliates) nor its directors, employees and agents would be
held responsible for any reliance placed on the content of this material or for any decision based on it.
Changes in the regulation of financial markets, private funds, or private funds' trading activities may adversely affect the ability of the Fund to pursue its investment strategy, its ability to obtain leverage and financing and the
value of investments held by the Fund. It is impossible to predict what, if any, changes in laws and regulations may occur, but any legal or regulatory changes could have a material adverse impact on the Fund's performance
and/or increase the Fund's exposure to potential liabilities and compliance costs.
Each prospective investor, by accepting delivery of this material agrees to the foregoing.
Please feel free to contact us contact us on 022-66316333 or write to us at aif@hdfcfund.com