The key conditions are:
• Net worth (net tangible assets in case of an LLP) of not less than US$15.38 mn if the investment manager is a body corporate or a company.
• Experience of not less than five years in fund management or advisory services or development in the infrastructure sector.
• Has not less than two employees who have at least five years experience each, in fund management or advisory services or development in the infrastructure sector.
• Has not less than one employee who has at least five years experience in the relevant sub-invest.
• Has not less than half of its directors in case of a company or members of the governing board in case of an LLP as independent and not directors or members of the governing board of another InvIT.
• Has an office in India from where the operations pertaining to the InvIT is proposed to be conducted.
Please refer to section 4(e) of SEBI (Infrastructure Investment Trusts) Regulations 2014 at link for more information