The amendments define and establish a framework for ‘co- investment schemes’, allowing accredited investors of Category I and II AIFs to invest alongside the main fund in unlisted companies. These schemes require filing a shelf placement memorandum, are restricted to a single investee company per scheme, and must ensure co-investor terms are not more favourable than the AIF’s, with identical exit timings. The Angel Funds, which are now re-categorized under Category I AIFs. They are restricted to raising capital only from ‘accredited investors’. The regulations remove the minimum investment ticket for investors in an Angel Fund but set new investment limits for the fund into any single start up, ranging from Rs 10 lakh to Rs 25 crore.