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Indiabulls Real Estate Fund said it has invested ₹100 crore in Delhi-based Vatika Group’s under construction project in NCR.
Indiabulls AIF is registered as a category II alternative investment fund.
The fund is targeting to raise a total of ₹1,000 crore (including a green shoe option of ₹500 crore) under its first AIF initiative, the Indiabulls Real Estate Fund that was launched in February 2015.
The commitments till date of around ₹300 crore include funds raised from high net worth individuals, family offices, and institutional investors.
“The fund is expected to draw down another ₹200 crore shortly. The target corpus of ₹500 crore (with a green-shoe option of another ₹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 Ltd.
In line with its strategy, IREF said it will invest in secured and listed debentures issued by real estate developers.
The fund’s focus is to invest in under-construction residential projects.
The investments will cover residential projects in Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune, Bengaluru and Chennai.
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