S. Ramann, chairman of the Pension Fund Regulatory and Development Authority (PFRDA), is advocating for the establishment of perpetual funds and a more robust secondary market for alternate investment funds (AIFs) in India. He argues that limiting the duration of funds to 8-10 years hampers their ability to support long-term portfolios and achieve substantial returns. Currently, pension funds are permitted to invest 1% of their total assets under management (AUM), which stands at approximately ₹16.46 trillion (roughly $198 billion USD), in AIFs. Ramann emphasizes the need for continuation funds that allow limited partners (LPs) to exit while enabling general partners (GPs) to maintain investments in high-performing assets beyond the typical fund cycle. He believes that creating a secondary market for AIF units will facilitate price discovery and improve liquidity, addressing the challenges faced by investors in an illiquid market. Ramann's vision includes diversifying pension portfolios into unlisted, long-term assets while ensuring that pension money flows seamlessly into newer asset classes within India.