Annexure A

Benchmark Report
September 30, 2020
Benchmark Report1
Category-III
Girik Multicap Growth Equity Fund
Trailing returns

Since inception^
Index 1-year (%) 2-year (%) 3-year (%) 5-year (%)
(June 30, 2013) (%)

Scheme (INR) 24.46 NA NA NA NA

Benchmark (INR) 7.55 5.95 4.52 8.08 13.65

Scheme (USD) 19.21 NA NA NA NA

Benchmark (USD) 3.01 5.05 0.38 5.61 10.38

Values as on September 30, 2020
Schemes that have completed at least one year since their first close as on September 30, 2020, have been considered. In all , 1 5 6 sch e me s
have been considered for the above analysis
Returns refer to post-expense, pre-carry, pre-tax values. Returns for more than one year are annualised
^Since availability of at least three schemes, i.e., June 30, 2013

Growth of 100

140

130

120

110

100

90

80

70

60
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20

Fund (INR) Benchmark (INR)

The above graph has been provided since the quarter that followed the inception of the fund

1
This Benchmark Report has been provided for the sole purpose of comparing the fund/scheme’s performance with CRISIL AIF Benchmarks for
the launch of a new fund and reporting to the existing investors

2
Annexure
Methodology, definitions and eligibility criteria
Vintage year
Benchmarks for categories-I and -II are calculated based on their vintage years. Vintage y ear is def ined as t he
f inancial year in which the scheme had its first close, i.e. the vintage year of a fund will be Vintage FY14 if it had it s
f irst close between April 1, 2013, and March 31, 2014.

Only those vintage years are considered that have at least three schemes available; t hose wit h less t han t hree
schemes have been excluded.

Calculation metrics
The benchmarks for categories-I and -II are based on the following metrics:

Pooled internal rate of return (IRR)

Pooled IRR denotes the IRR calculated at an aggregate level by pooling all the c ash f lows t hat hav e occ urred
within all the schemes belonging to the category and the vintage year. Here the cash f lows are considered
according to the date on which they have occurred and the valuation as on t he last day is c onsidered as t he
terminal value f or the calculation.

Multiples and realisation ratios

Three types of ratios are considered for calculation of benchmarks – distributions to paid-in capital (DPI), res idual
value to paid-in capital (RVPI) and total value to paid -in capital (TVPI). All the three are calculated f or each
applicable vintage year.

DPI: DPI is the ratio of the total distributions made to the paid-in capital. DPI is also called as realisation multiple.

RVPI: RVPI is the ratio of the residual value of all investments remaining in the fund after distributions t o p aid -in
capital. The residual value refers to the valuation of the scheme as on the date for whic h t he benc hmarks hav e
been calculated.

TVPI: TVPI is the ratio of the sum of total distributions and residual value, to the total paid-in capital. It is also called
as investment multiple.

Quartile Analysis
For understanding the distribution of IRR across the peer set, the returns for all the individual funds are calculat ed.
First quartile, median and third quartile thresholds are reported. First and third quartiles are the return thresholds for
the top 25% and 75% schemes, respectively based on the individual scheme IRRs in each vintage year. Thus , any
f und with an IRR value above first quartile threshold belongs to the top quartile, similarly a f und wit h IRR v alue
between f irst quartile and median belongs to the second quartile and so on. The f und with returns below t he t hird
quartile belongs to the bottom quartile.

For quartile analysis, only those vintage years have been considered where at least eight schemes are available.

3
The benchmark for Category-III is based on the following metric:

Asset weighted index

For Category-III schemes, an asset weighted index at the category level is created based on the quarterly ret urns
of each scheme and the respective assets under management for those schemes.

The index is created from the quarter in which at least three schemes were available, i.e. June 2013.

Eligibility criteria
● All AIFs registered with SEBI under the SEBI (Alternative Investment Funds) Regulations, 2012, are
considered for the calculation of benchmarks provided they fulfill the following criteria:

1. The scheme has completed one year from its first close as on the d ate f or whic h t he b enchmark s are
calculated. For example, AIF benchmark calculated for the period ending September 30, 2020, will hav e
f unds that had their first close on or before September 30, 2019

2. Data is provided by the AIF in the required format within the specified deadline

● The f ollowing are excluded from calculation of benchmarks:

1. Angel f unds registered under sub-category VCF under Category I-AIF

2. Fund of funds

3. Any scheme that has not had any transactions or investments anytime in the past

4. Any scheme that has not completed one year since its first close as on the date for which the benchmarks
are calculated, i.e. September 30, 2020

5. Any scheme that has not provided complete data or that has not provided data in the required format

● Schemes are divided based on their vintage years as described in the previous section. Only t hose v intage
years are considered that have at least three funds available. Thus, schemes that belong to v intage y ears in
which less than three schemes were available are excluded

● For quartile analysis, only those vintage years have been considered where at least eight schemes are
available

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