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Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, has announced the interim closure of its Domestic Scheme V on mopping up Rs 300 crore.
The fund has a corpus target 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 and two third-party mandates.
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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.”
Indiareit’s most recent offering, the Mumbai Redevelopment Fund, has also reached its targeted corpus of Rs 500 crore. The fund, which had raised Rs 400 crore about a couple of months ago, was fully subscribed last month.
The fund is focused on slum and redevelopment projects in Mumbai and has already committed around 40 per cent of its corpus to this segment.
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