The draft circular elaborates on methodologies for drawing down and distributing capital in both close-ended and open-ended AIF schemes to ensure proportional rights among investors. The proposals include defining whether “commitment” refers to total or undrawn commitments, disclosure requirements in Private Placement Memoranda (PPM), and treatment of investors excused from certain investments. The existing schemes must align with one of the specified drawdown methods, and the circular clarifies that such alignment will not be treated as a material change. It also clarifies that carried interest or profit sharing with fund managers is excluded from pro-rata requirements and that all commitments must be recorded in INR. The Feedback/ comments from stakeholders are invited.