New Delhi, Aug. 22 -- India's alternative investment market could grow more than five-fold to over USD 2 trillion by 2034, as rising participation by high-net-worth investors and demand for higher-yielding, less-correlated assets drive greater capital into private markets, according to a report by EY and Julius Baer.

The report estimates India's alternative investment assets at about USD 400 billion currently, including USD 156 billion in SEBI-registered Alternative Investment Funds (AIFs), with the remainder coming from offshore vehicles, family offices and unlisted structures.

The expansion is expected to coincide with a broader change in how Indian family offices deploy capital. The report said they are moving beyond passive investin...