Mumbai, April 4 -- India's financial regulators are working towards a deeper secondary market for alternate investment funds (AIFs) to help them manage longer fund cycles, said S. Ramann, chairman, Pension Fund Regulatory and Development Authority (PFRDA).

Advocating a perpetual fund structure, Ramann, who has been tasked with bringing about pension fund reforms in the country, said a venture capital and private equity fund should not be for a limited time period, as it affects their ability to support portfolios for the long term and deters them from generating outsized outcomes.

"I don't believe in funds which run for 8-10 years. I believe funds must run perpetually," Ramann told Mint. "There is no need for a manager to fold up a fund...