Hedge funds are not the cup of tea of ordinary investors. The minimum investment required is Rs 1 crore.
Now coming to the query pointwise -
(a) Hedge funds are in the category of AIF (Alternative Investment Fund) which may have some similiarities with mutual funds but they differ from mutual funds in one way that is that in addition to equities they invest in all other types of products possible in the financial markets like taking long and short positions in equity market, trading of bonds, arbitrage opportunities, currencies, commodity derivative markets, fixed income products etc.
As the name implies the objective of hedge fund is to maximise return for the investor by adopting alternative investment routes and in the process hedge the fund from market uncertainities.
(b) It is not exactly categorised under mutual fund. It is a separate entity called hedge funds. Hedge funds are not regulated by govt as sternly as mutual fund.
(c) It is neither equity nor debt fund.
(d) The detailed information on how to invest in these funds can be seen in the fund prospectus of a particular company.
(e) Some funds are - Singlar India Opportunities Trust, Motilal Oswal's offshore hedge fund, India Zen Fund, Munoth Hedge Fund, Forefront Alternative Investment Trust, Quant First Alternative Investment Trust and IIFL Opportunities Fund.
Knowledge is power.