The Hindu Business Line : IL&FS Investment closes second India realty fund, raises Rs 4,475 cr

Mumbai, Dec. 9 IL&FS Investment Managers Ltd (IIML) has announced the closure of IL&FS India Realty Fund – II (IIRF2) at $895 million (about Rs 4,475 crore), exceeding its target of $750 million (Rs 3,750 crore).

The fund, dedicated to the Indian real estate sector, exceeds the corpus of IIML’s first Real Estate Fund (IIRF1), which raised $525 million in April, 2006. The IIRF1 has been fully committed.

“We are very proud to see that international investors have reiterated their confidence in IL&FS Investment Managers and the Indian realty space,” said Mr Shahzaad Dalal, Vice-Chairman and Managing Director, IIML.

IIRF2 includes commitments from a well-diversified group of investors, such as State pension funds, foundations, university endowments and family offices across the globe.

Through IIRF2, IIML proposes to invest in the entire gamut of real estate space, across tier-I and -II cities. “The current market situation and capital scarcity provide valuable opportunities. We continue to look at investments with cautious optimism since we believe in the underlying strength of the Indian real estate market and remain confident of the long-term prospects of this sector,” said Dr Archana Hingorani – CEO and Executive Director of IIML.

IIML currently manages investments of over $2 billion across all sectors.

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