No scheme of an AIF (other than angel fund) shall have more than 1000 investors. (Please note that the provisions of the Companies Act, 1956 shall apply to the AIF if it is formed as a company). In the case of an angel fund, no scheme shall have more than forty-nine angel investors. However, an AIF cannot make an invitation to the public at large to subscribe to its units and can raise funds from sophisticated investors only through private placement.