Category I & II AIF ManagersCertification Guide.
Category-specific certification for Cat I & II AIF managers VC, PE, infrastructure, credit funds. Covers investment strategy, valuation, due diligence, and regulatory compliance.
Difficulty
Advanced
Suggested prep: 25-30 days
Negative marking
25%
Avoid blind guessing.
Validity
3 years
Computer-Based Test (CBT)
Priority
Rank 9
Alternative Investments track
What this certification is really testing.
This template pulls directly from the NISM database so the article stays factual, structured, and easy to scan before you register.
Ideal for
Senior investment professionals at Cat I/II AIFs
Those managing PE, VC, or credit funds
Career paths
PE/VC Fund Manager
Infrastructure Fund Manager
Credit/Debt Fund Manager
Mandatory for
KMP of Category I and II AIFs
Study by chapter weightage, not by guesswork.
The highest scoring chapters carry 89% of the paper. Start there, then use the low-weight chapters for polish.
High-weightage focus
Investment Strategy and Process
20%Fund Structuring and Operations
15%Valuation and Due Diligence
15%Regulatory Compliance
15%Category I & II AIF Overview
12%Portfolio Management
12%Key concepts to remember
Cat I/II specific fund management VC, PE, credit, infrastructure funds
PE fund lifecycle: Fundraising Investment period Value creation Exit
VC funding stages: Seed Angel Series A/B/C Pre-IPO IPO
Due diligence for PE: Financial, legal, commercial, operational, management DD
Exit routes: IPO, strategic sale, secondary sale, buyback
Carried interest: Performance-linked compensation for fund managers (typically 20%)
A clear way to study this module.
Use the database strategy as the practical order of attack: official workbook first, high-weightage chapters next, then mocks and exam-day control.
Study strategy
Focus on Investment Strategy and Process (Ch 3, 20%) the core chapter
Valuation and Due Diligence (Ch 4, 15%) + Portfolio Management (Ch 5, 12%)
Regulatory Compliance (Ch 6, 15%) Cat I/II specific provisions
Know PE/VC fund lifecycle, exit strategies, and carried interest mechanics
Exam-day tips
Standard format 100 MCQs, 120 minutes
PE/VC-specific questions funding stages, exit routes, valuation methods
0.25 negative marking be cautious
Carried interest and fund economics questions are application-based
Scoring warning
The pass mark is simple. The paper is not.
Because this paper has negative marking, precision matters more than speed. Attempt the sure questions first, then return to calculations and close-call options.
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