Explanation:

- Option 1: Suresh Prabhu is a well-known politician and a former minister, but he did not head the SEBI Panel on Alternative Investment Funds.

- Option 2: Narayan Murthy is recognized as the founder of Infosys, a tech giant. However, he did not head the SEBI Panel on Alternative Investment Funds.

- Option 3: Arvind Mayaram is an Indian administrative service officer with experience in finance but was not associated with chairing this particular SEBI panel.

- Option 4: Arvind Subramaniam is an economist, known for his role as a Chief Economic Advisor, yet he was not involved as the head of this panel.

- Option 5: The head of the SEBI Panel on Alternative Investment Funds was actually N.R. Narayana Murthy; however, if there's no exact match in these options then option 5 might resemble 'None of the above.'

Thus, the correct option is 5, None of the above.

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