Motilal Oswal Real Estate, the real estate arm of Motilal Oswal Private Equity, has raised Rs 500 crore through its second real estate fund, India Realty Excellence Fund II (IREF II).
The fund had a target of Rs 300 crore with a greenshoe option of Rs 200 crore taking the total size to Rs 500 crore. Motilal Oswal Real Estate had announced the first close of its latest investment vehicle at Rs 225 crore last year, the company said in a statement.
“Real Estate fund platform continues to remain a critical focus area under the Motilal Oswal Private Equity Business. We are present across the capital stack and look forward to scale this platform further,” said Motilal Oswal Private Equity Investment Advisors Managing Director and Chief Executive Officer Vishal Tulsyan.
The fund has closed four new transactions with developers in Bangalore, Mumbai, National Capital Region and Chennai. Together with the earlier investments with Ahuja Developers in Mumbai and Mahaveer Group in Bangalore, the fund has now deployed more than Rs 385 crore and is looking to deploy the balance capital over next 3 months.