RDI Fund picks first 19 second-level fund managers, commits ₹7,131 crore

The first cohort includes 14 alternative investment funds and five focused research organisations, with managers expected to mobilise private capital matching the fund's contribution

The Research, Development and Innovation (RDI) Fund on Monday said it had selected the first cohort of 19 second-level fund managers (SLFMs), including 14 alternative investment funds (AIFs) and five focused research organisations (FROs), with a total commitment of ₹7,131 crore.

 

The SLFMs are expected to mobilise private capital equivalent to the RDI Fund contribution. The first call for applications from prospective SLFMs was launched in January 2026.

 

In a press statement, the government said that applications received under the call underwent a rigorous, multi-stage evaluation process. “Following this process, the proposals were placed before the executive council of ANRF and subsequently before the Empowered Group of Secretaries (EGoS) for consideration and approval.”

  

In addition, the EGoS also approved five additional technologies for coverage under the RDI Fund.

 

The ₹1 trillion RDI Fund was launched by Prime Minister Narendra Modi in November 2025. The initiative seeks to address a critical financing gap by making long-term, patient capital available for high-risk, high-impact research and development.

 

The RDI Fund is being managed by an independent business unit housed within the Anusandhan National Research Foundation (ANRF), under the Department of Science and Technology (DST), Ministry of Science and Technology.

 

According to the government, the fund will invite more applications and onboard additional cohorts of SLFMs in the near future, thereby expanding the reach of the fund and accelerating public-private partnerships.