AlphaGrep & Mahindra Manulife Move Ahead With New Hybrid Long-Short SIFs

India's Specialized Investment Fund (SIF) market is set to get even more competitive, with AlphaGrep Mutual Fund and Mahindra Manulife Mutual Fund moving forward with new Hybrid Long-Short strategies.

On August 28, 2026, the Securities and Exchange Board of India (SEBI) published draft filings for two new funds:

AlphaGrep Mutual Fund -Eminence Hybrid Long-Short Fund

Mahindra Manulife -MSIF Hybrid Long-Short Fund

Both documents currently appear on SEBI's official website under “Mutual Funds: Draft.”

The development signals further expansion of the SIF ecosystem, particularly in the increasingly competitive Hybrid Long-Short category.

AlphaGrep Mutual Fund Enters With Eminence Hybrid Long-Short Fund

One of the most interesting new entrants is AlphaGrep Mutual Fund.

SEBI published the draft filing for the Eminence Hybrid Long-Short Fund on August 28, 2026.

AMFI records confirm that AlphaGrep Mutual Fund was set up on March 11, 2026. Its sponsor is AlphaGrep Securities Private Limited, while the asset management company is AlphaGrep Investment Management Private Limited.

This is important because the scheme name itself -Eminence -does not immediately reveal the AlphaGrep connection. For investors and distributors tracking new SIF entrants, Eminence should therefore be understood in the context of AlphaGrep Mutual Fund.

AMFI also lists Bhautik Ambani as CEO of the AMC.

AlphaGrep Eminence SIF at a Glance

Mahindra Manulife Moves Ahead With MSIF Hybrid Long-Short Fund

The second filing published on the same day is the MSIF Hybrid Long-Short Fund.

SEBI's official filing page lists MSIF Hybrid Long-Short Fund as a draft dated August 28, 2026.

For SEO and reader clarity, the AMC association should be prominently mentioned as Mahindra Manulife Mutual Fund, rather than referring only to “MSIF.”

This brings another established asset manager closer to expanding its presence in India's SIF landscape.

Why These Two SIF Filings Matter

The bigger story isn't simply the addition of two funds.

It's the continuing expansion of the Hybrid Long-Short SIF category.

Several AMCs have already launched or announced SIF strategies, and the arrival of AlphaGrep and Mahindra Manulife would broaden the competitive universe further.

That means investors and distributors will increasingly have to compare Hybrid Long-Short SIFs on more than headline returns.

Factors such as net equity exposure, long and short positioning, derivatives usage, debt allocation, portfolio concentration, volatility, maximum drawdown, recovery period and risk-adjusted performance could become increasingly important as track records develop.

AlphaGrep's Entry Is Particularly Interesting

AlphaGrep's entry deserves attention because of the firm's broader quantitative and investment-management background.

AMFI's registration records show AlphaGrep Mutual Fund as a relatively new mutual fund entrant, set up in March 2026, with AlphaGrep Securities Private Limited as sponsor.

Its proposed Eminence Hybrid Long-Short Fund therefore represents an important step in AlphaGrep Mutual Fund's product journey.

The final scheme documents will be particularly important in understanding how AlphaGrep intends to differentiate Eminence from the growing number of existing Hybrid Long-Short SIF strategies.

Draft Filing Does NOT Mean NFO Is Open

This distinction is important.

SEBI currently classifies both:

Eminence Hybrid Long-Short Fund

and

MSIF Hybrid Long-Short Fund

as Draft mutual fund filings.

Therefore, it would be inaccurate at this stage to say that the NFOs are open or that SEBI has given final approval merely because the draft documents appear on its website.

Investors should wait for the respective AMCs to announce the final scheme details, NFO dates, fund managers, benchmarks, asset allocation, subscription/redemption structure and other terms.

India's SIF Universe Continues to Expand

The two filings are another sign of how quickly India's Specialized Investment Fund market is evolving.

The first phase of the SIF story was largely about AMCs entering the new category.

The next phase could be much more interesting: multiple AMCs competing within the same SIF strategy categories.

For Hybrid Long-Short strategies in particular, that could shift the conversation from simply “What is a SIF?” toward:

Which Hybrid Long-Short SIF follows what strategy? How much risk does it take? How effectively does it use short exposure? How does it perform during market corrections? And how quickly does it recover from drawdowns?

Those comparisons will become increasingly meaningful as the funds build longer live track records.

FAQs

Is Eminence SIF from AlphaGrep?

Yes. Eminence Hybrid Long-Short Fund is associated with AlphaGrep Mutual Fund. AMFI identifies AlphaGrep Investment Management Private Limited as the AMC and AlphaGrep Securities Private Limited as the sponsor of AlphaGrep Mutual Fund. SEBI published the Eminence Hybrid Long-Short Fund draft on August 28, 2026.

What is AlphaGrep's new SIF?

The draft currently published by SEBI is called Eminence Hybrid Long-Short Fund.

What is Mahindra Manulife's new SIF?

The new filing is MSIF Hybrid Long-Short Fund, whose draft was published by SEBI on August 28, 2026.

Has SEBI approved Eminence and MSIF?

The more accurate wording currently is that SEBI has published their draft filings. Both are categorised as Mutual Funds: Draft on SEBI's website.

When will the Eminence and MSIF NFOs open?

The SEBI draft pages do not establish an NFO opening date. Investors should wait for official announcements and final scheme documentation from the respective fund houses.

Final Takeaway

The August 28, 2026 filings from AlphaGrep and Mahindra Manulife are another important development for India's fast-growing SIF ecosystem.

AlphaGrep Mutual Fund's Eminence Hybrid Long-Short Fund and Mahindra Manulife's MSIF Hybrid Long-Short Fund could add two more choices to an increasingly competitive Hybrid Long-Short universe once the regulatory process is completed and the strategies are formally launched.

For now, the key development is simple:

Two more Hybrid Long-Short SIF strategies have entered the SEBI draft filing pipeline -and AlphaGrep is officially one of the names to watch.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation. The schemes discussed above are based on draft filings available on SEBI's website as of September 1, 2026. Final scheme features may change. Investors should refer to final offer documents and official AMC communications before making investment decisions.