EAAA’s AUM shifts toward domestic, non-institutional capital

EAAA’s assets under management, or AUM, shifted toward domestic and non-institutional capital by June 30, 2026. India supplied 66.20% of Rs 95,344.878 crore of AUM, up from 54.22% in March 2025, while non-institutional clients supplied 50.68% and the distribution network increased from 13 partners in March 2024 to 53.

How has EAAA’s AUM shifted toward domestic investors?

EAAA became more reliant on Indian commitments in the 15 months to June 30, 2026. Indian clients accounted for Rs 63,116.358 crore, or 66.20%, of AUM, compared with Rs 34,140.522 crore, or 54.22%, at March 31, 2025. AUM means total commitments raised under Active Funds, including funds, co-investment portfolio management services and infrastructure investment trusts managed or advised by EAAA that are accepting capital, making investments or managing assets.

Clients outside India accounted for Rs 32,228.520 crore, or 33.80%, at June 30, 2026, compared with 45.78% at March 31, 2025. The lower overseas share reflected a mix change rather than a reduction in overseas commitments: overseas AUM increased by Rs 3,398.671 crore, while Indian AUM increased by Rs 28,975.836 crore. North America’s share declined from 17.25% to 12.61%, and Europe’s share declined from 6.02% to 4.65% over the same period.

EAAA’s domestic share also changed across the earlier comparison period. India represented 58.48% of AUM at March 31, 2024, declined to 54.22% at March 31, 2025, and then increased to 66.20% by June 30, 2026. The latest shift therefore arose from both a higher absolute domestic capital base and faster growth in domestic commitments than in offshore commitments.

Has EAAA moved away from institutional clients?

EAAA has moved to a narrow non-institutional majority, although institutional capital still represented nearly half of AUM at June 30, 2026. Non-institutional clients, defined as clients outside the institutional category, supplied Rs 48,324.994 crore, or 50.68%, of AUM. Institutional clients supplied Rs 47,019.884 crore, or 49.32%, and include banks, insurance companies, pension funds, mutual funds, endowments and sponsors.

The change is clearest against March 31, 2025, when institutional clients accounted for 53.73% and non-institutional clients accounted for 46.27%. Non-institutional AUM rose by Rs 19,188.274 crore in the following 15 months, exceeding the Rs 13,186.233 crore increase in institutional AUM. The composition was not linear, because non-institutional clients had represented 52.16% of AUM at March 31, 2024 before falling below half in March 2025.

EAAA identifies ultra-high-net-worth individuals, high-net-worth individuals and family offices as non-institutional clients. The company’s client model retains direct institutional coverage while using intermediaries for affluent domestic clients: direct teams engage institutional clients, while EAAA describes its domestic approach for affluent individuals and family offices as distributor-led. The latest client mix will depend on continuing commitments from both channels rather than a single investor category.

What role did EAAA’s distributor network play in the domestic AUM shift?

EAAA’s network of distributors, chaperoning partners and offshore relationship managers expanded from 13 at March 31, 2024 to 53 at June 30, 2026. The count reached 42 at March 31, 2025 and 51 at March 31, 2026. EAAA said the increase was primarily driven by establishing new relationships in line with its planned distribution-network expansion.

The expanded network supplements rather than replaces EAAA’s direct coverage model. EAAA uses distributors, chaperoning partners and offshore relationship managers to distribute products to global institutions and affluent clients, while its in-house teams directly cover institutional clients. Its distributor-led domestic approach targets ultra-high-net-worth individuals, high-net-worth individuals and family offices, alongside a direct approach to international institutions and large family offices.

The disclosed figures are consistent with the stated channel strategy, but EAAA does not allocate AUM by distributor, relationship manager or distribution channel. EAAA instead identified larger funds raised under existing strategies and new-product launches as the primary reasons for the total AUM increase. During the three months ended June 30, 2026, EAAA raised fresh commitments of Rs 20,380.35 crore, including Rs 12,439.05 crore in Real Assets and Rs 7,545 crore in Private Credit.

How broad is EAAA’s client base and repeat capital?

EAAA had 11,009 client relationships in India and globally at June 30, 2026, including 1,493 repeat clients that had invested in more than one fund. Of the total relationships, 5,714 were fund clients and 5,295 were infrastructure investment trust clients. EAAA added 8,800 client relationships from April 1, 2023 to June 30, 2026.

Repeat business represented a substantial part of the AUM base, with EAAA stating that approximately 77% of AUM at June 30, 2026 came from repeat customers. EAAA also reported 31 clients that had collectively invested more than Rs 500 crore across funds. This identifies a high-value cohort within the wider client base, although EAAA does not disclose the AUM share held by those 31 clients.

Client retention is linked to EAAA’s closed-ended fund structures, under which client commitments generally extend for 4.5 to 10 years depending on the fund’s tenure. EAAA said most large funds were in, or entering, their third or fourth series at June 30, 2026. Continued repeat capital will therefore require clients to participate in subsequent fund series and EAAA to offer products matching their allocation requirements.

What does the domestic shift mean for EAAA’s fee model?

EAAA’s domestic and non-institutional client shift expands the sources of capital supporting its fee-paying asset base. Management and advisory fees contributed 49.56% of total income in the three months ended June 30, 2026, compared with 62.61% in the corresponding period a year earlier and 60.08% in financial year 2026. Depending on fund documents, EAAA may charge fees on capital commitments, drawn capital, investments, net asset value or gross asset value.

The relevant fee measure is FPAUM, or fee-paying assets under management, which is the asset base on which EAAA is entitled to management and advisory fees. FPAUM may be based on committed or invested capital, net asset value or gross block under governing documents, and is therefore not identical to the AUM measure used in the geography and client-type data. EAAA reported a 23.43% three-year compounded annual growth rate in FPAUM at March 31, 2026, compared with 26.24% a year earlier.

Conclusion

EAAA’s latest AUM composition shows a measurable tilt toward Indian capital and a return to a non-institutional majority. India’s Rs 63,116.358 crore of commitments and non-institutional clients’ 50.68% share accompanied total AUM of Rs 95,344.878 crore, while institutional and overseas capital continued to account for 49.32% and 33.80% of the asset base, respectively.

The next measure to watch is whether the expansion from 13 to 53 distributors, chaperoning partners and offshore relationship managers results in sustained commitments from affluent domestic clients and family offices. EAAA has disclosed a plan to deepen its client base across geographies through in-house coverage and a global distribution platform, while developing income- and yield-focused products; future mix changes will depend on new fund launches, repeat participation and capital raised under existing strategies.