Kotak Mahindra now targets $500 million for property
Kotak Mahindra Group is reportedly in the process of raising a second multi-million-dollar fund – an up-to $500 million vehicle for real estate – coming weeks after it announced a smaller fund for infrastructure.
According to the Economic Times, Kotak Mahindra's Kotak Realty Fund will use a mixture of domestic and foreign LPs to stock the $500 million property vehicle, with as much as $300 million specifically coming from overseas. The news follows an active period for Kotak Mahindra in the realty space. In September, the group reportedly injected INR250 crore ($54.7 million) into Delhi-based Emaar MGF Land Ltd. and an additional INR200 crore ($43 million) into Century Real Estate Holdings. That same month, Kotak Realty Funds Group also exited two of its real estate investments, both IT parks in Tier One cities in India.
Less than two weeks ago, Kotak Mahindra Group hit the road to raise $300 million for an infrastructure-focused private equity fund in India, and had already received capital commitments from Brookfield Asset Management in Toronto, Sumitomo Mitsui in Tokyo, and Kotak itself.
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