An analysis by Cafemutual reveals that Alternative Investment Funds (AIFs) have outpaced mutual funds and Portfolio Management Services (PMS) in Asset Under Management (AUM) growth over the past five years. AUM for AIFs surged at a CAGR of 31%, rising from Rs. 3.17 lakh crore in September 2019 to Rs. 12.43 lakh crore in September 2024. In contrast, mutual funds grew by 25%, reaching Rs. 67.73 lakh crore, while PMS saw an 11% increase to Rs. 7.43 lakh crore. Factors such as institutional investments and diverse AIF options contributed to this trend, according to industry experts.