Alternative investment funds (scheme A) under the National Pension System is one of the asset classes you can invest in, the others being equity (scheme E), and debt - corporate debt (scheme C) as well as government securities (scheme G). It invests in assets such as real estate investment trusts (REITs), InvITs and mortgage-backed securities. Compared to other schemes, the investment cap on alternate assets is much lower at 5 percent. Also, it is offered only to the Tier-I (retirement) account investors, which means you cannot invest in this asset class through the voluntary Tier-II, or investment, account. If you wish to invest in this scheme, you will have to pick active, and not auto, choice.