Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, has announced the interim closure of its domestic Scheme V on reaching Rs 300 crore.
The fund has a targeted corpus of Rs 1,000 crore. Scheme V is the sixth in the series of funds raised by Indiareit, which manages/ advises a total corpus of Rs 4,343 crore across five funds.
The scheme targets structured returns to take advantage of the mismatch between the availability of capital and the demand for it. The investment underwriting, therefore, focuses on not just the quality of the project, visibility of cash flows and track record of the development partner, but also adds an extra layer of security to enhance the risk return profile, Indiareit said.
Khushru Jijina, Managing Director - Indiareit said, “Despite a tough fund-raising environment, the speed of the interim close is testament to the quality of our sponsor, track record of the platform and our constant endeavour to act in a fiduciary capacity for our investors.”
Indiareit’s most recent offering, the Mumbai Redevelopment Fund, has also reached its targeted corpus of Rs 500 crore. The fund, which raised Rs 400 crore until a couple of months ago, was fully subscribed last month.
This fund is focused on slum and redevelopment projects in Mumbai and has already committed around 40 per cent of its corpus.