Red Fort closes second real estate fund at $500m target
Red Fort Capital has completed a final close of its second real estate fund at $500 million, coming mere weeks after the firm said it was targeting this amount from investors.
LPs from overseas provided the capital for the vehicle, which will focus on Indian residential properties, Red Fort Co-founder and Managing Director Subhash Bedi told VCCircle. The new vehicle, which will acquire residential assets, held a first close on around $80 million in April 2011.
Earlier this month, a filing with the US regulator revealed that Red Fort India Real Estate Fund II had raised $368.5 million 22 investors, who had contributed a minimum of around $10 million each.
Park Hill Real Estate Group, an affiliate of The Blackstone Group, acted as a placement agent on behalf of New Delhi-based Red Fort.
The private equity firm's first fund, which raised $400 million, is fully invested. Last month, Red Fort I claimed to have returned more than $100 million to LPs - which include sovereign wealth funds, pension funds and insurance companies - since 2009.
The firm realized four exits from New Delhi and Chennai-based investments in the residential and office sectors in the first quarter of 2011. It sold a total of 6,095 residential units representing more than $881 million in revenues between 2009 and March of last year.
Via Fund I, in February 2010 Red Fort invested in a residential project being developed in Noida, Uttar Pradesh, by real estate firm 3C. The investment was somewhere between $21.4-28 million for a 50% stake in the whole project.
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