The newly introduced Specialised Investment Funds (SIFs) have witnessed rapid adoption, with the category crossing Rs 13,814 crore in assets under management (AUM) since the regulatory framework was introduced in February, a top Sebi official said on Friday. Sebi introduced SIFs tobridge the gap between regular mutual funds and high-ticket Portfolio Management Services (PMS). SIFs target sophisticated investors through flexible hedging, derivatives, and long-short strategy.