India’s alternative investment market could expand more than five-fold to over $2 trillion by 2034, driven by rising participation from wealthy investors and a growing search for assets that offer higher returns and move differently from public markets, according to a Julius Baer-EY report. The study estimates the country’s alternative assets market at around $400 billion, of which about $156 billion is held through Securities and Exchange Board of India-registered Alternative Investment Funds (AIFs). The rest is spread across offshore vehicles, family offices and other unlisted structures. Higher participation from high-net-worth individuals, policy support and demand for higher-yielding assets with relatively low correlation to listed markets could push the market beyond $2 trillion over the next eight years, the report said.