The Hindu Business Line : Kotak India Real Estate Fund-I raises $100 m

KOTAK Mahindra Realty Fund's close-ended venture capital fund Kotak India Real Estate Fund - I, has closed its domestic tranche raising $100 million (around Rs 440 crore).

In addition, the fund has received commitments of $60 million, which is awaiting regulatory approval, said Kotak Mahindra Investments in a notice to the stock exchanges.

The Fund, which has been organised as a scheme of Kotak Mahindra Realty Fund under the SEBI Venture Capital Regulations, has Kotak Mahindra Investments Ltd as the investment manager.

The Fund would make investments at project a level with developers as well at an enterprise level in realty development companies. The Fund has the mandate to make investments in retail, hotels, healthcare, education etc.

The Fund will explore co-investments with large development companies at a project level in various types of property development ventures; holding company level investments in mid market or large development companies that demonstrate strong specialisation in a niche market; as well as enterprise level investments or sale and leaseback transactions with companies that have real estate as a significant operating expense or component of the future capital expenditure.

The Fund would also explore acquisition and resolution of non-performing loan portfolio with a strong underlying property collateral. The management team of the Fund will be led by Mr S. Sriniwasan, Chief Executive Officer, and Mr Hari Krishna, Chief Investment Officer.

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Kotak India Real Estate Fund-I raises $100 m