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Indiabulls Real Estate Fund said it invested Rs 100 crore in Delhi-based Vatika Group’s under construction project in NCR.
Indiabulls AIF is registered as a Category II Alternative Investment Fund.
IREF is targeting to raise a total of Rs 1,000 crore (including a green shoe option of Rs 500 crore) under its first AIF initiative.
The commitments till date of around Rs 300 crore include funds raised from high net worth individuals, family offices, and institutional investors.
“The fund is expected to draw down another Rs 200 crore shortly. The target corpus of Rs 500 crore (with a green-shoe option of another Rs 500 crore) is expected to be fully raised over the next three to four months,” said Ambar Maheshwari, CEO – Private Equity Funds at Indiabulls Asset management Company Limited.
He also added, “We are in advanced discussions with real estate developers in Mumbai, NCR and Bangalore on additional deals and plan to do few more investments shortly”.
In line with its strategy, IREF will invest in secured and listed debentures issued by real estate developers.
The fund’s focus is to invest in under-construction residential projects, primarily in geographies with proven market depth, high pent-up demand, and in projects with low execution risks. The investments will cover residential projects in Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune, Bengaluru and Chennai.
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