By:- Gopal Jain, Managing Director & CEO, Gaja Capital & Co-Chair, Regulatory Affairs Committee, IVCA
“The announcement by PFRDA to create an NPS fund-of-funds is a landmark moment for India’s alternate capital industry. It reflects a thoughtful, long-term vision for how pension savings can be channelled into productive, innovation-driven sectors of the economy.
For many years, the industry has emphasised the need for a transparent, centralised framework that provides pension funds a suitable on ramp with guardrails to participate in private markets. PFRDA’s move builds exactly that foundation strong governance, clear classification of alternate assets, and a process that combines prudence with ambition.
This is a strategic shift. It signals that India is ready to mobilise its own deep pools of retirement capital to back entrepreneurs, infrastructure, and growth sectors over longer horizons. On behalf of IVCA, I am deeply grateful to Chairman Ramann and the PFRDA leadership for their engagement with industry and for bringing this forward with such clarity and conviction.
With this step, India moves closer to building a truly domestic engine of long-term capital formation one that strengthens markets, supports innovation, and delivers durable value for millions of pension subscribers.”