Summary: The IFSCA has introduced a new framework allowing Venture Capital Schemes and Restricted Schemes in GIFT IFSC to issue senior and junior (or subordinate) unit classes with differential distribution rights, facilitating blended finance structures that combine concessional and commercial capital. The framework also prescribes minimum ticket sizes for junior unit holders, enhanced PPM disclosure requirements, and safeguards against evergreening and regulatory circumvention, while easing conditions for ESG Schemes to accept grants. The framework marks a significant shift from the investor-category restrictions applicable under the domestic AIF regime, providing fund managers greater flexibility to structure funds for investors with different risk appetites.