Co-investment under the portfolio management services (PMS) route accounted for less than ₹50 crore in assets and involved fewer than a dozen clients for much of 2022. Since then, assets under management have risen to ₹3,812 crore across 535 clients as of April 2025, according to the latest regulatory data. The recent changes may open the door to greater investment from sovereign wealth and pension funds, experts say.

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