Alchemy Capital Management (Alchemy) has launched a new Category III Alternative Investment Fund (AIF)—Alchemy Emerging Leaders of Tomorrow. With a portfolio of 20-25 stocks, the fund will invest at least 65% in mid and small cap stocks. Investments will also include large caps, and around 10% in IPO opportunities. Most of Alchemy’s current schemes follow a multi cap strategy. The latest fund has a tenure of 4 four years and minimum investment of ₹1 crore.