Kotak Realty raises $98.2m for properties fund
Kotak Realty Fund has raised INR5.23 billion ($98.2 million) from domestic LPs for a fund that will provide high-yield debt instruments to real estate developers.
Kotak Realty, the properties arm of Kotak Mahindra Bank, confirmed that the fund will focus on residential housing.
In March, Kotak was said to be raising an up to $500 million fund, and would use a mixture of domestic and foreign LPs to capitalize it.
Kotak Realty Fund is said to manage $700 million across five funds.
Kotak Mahindra has been active in the realty space in the past year. In September 2010, the group reportedly injected INR250 crore ($54.7 million) into Delhi-based Emaar MGF Land and an additional INR200 crore ($43 million) into Century Real Estate. That same month, Kotak Realty Funds Group also exited two of its real estate investments, both IT parks in Tier One cities in India.
Also this year, Kotak Mahindra Group hit the road to raise $300 million for an infrastructure-focused private equity fund in India. It counts Brookfield Asset Management in Toronto, Sumitomo Mitsui in Tokyo, and Kotak itself as its LPs.
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