In the context of investments, only Hedge Funds and Venture Capital are classified as Alternative Investment Funds (AIFs). This classification is based on their operational structures and investment strategies, which differ significantly from traditional investment avenues like Bonds and Stocks. Hedge Funds employ diverse and often aggressive strategies to maximize returns, while Venture Capital focuses on investing in start-ups and early-stage companies, supporting innovation and entrepreneurship—characteristics that are intrinsic to AIFs as outlined in standard UPSC materials on financial systems and investment categories.