India Infoline raises a $100m real estate fund
India Infoline Venture Capital Fund, the venture capital arm of the India Infoline group(IIFL), has raised a INR5 billion ($100 million) real estate fund. It is the brokerage's first foray into the private equity business.
The fund will focus on residential properties in India's top cities, through investments in equity, debt and equity-linked instruments in real estate and construction companies, which are involved in projects or ventures with significant growth potential.
Balaji Raghavan, CEO and CIO of IIFL Alternate Asset Advisors said in a statement that the encouraging response to the fundraise was a sign of investor confidence in the firm's new venture.
"We will target deployment during the current year itself, focusing on leading and promising projects of top developers in major cities that are ongoing or to be launched. The target is to give Fund's investors enhanced returns, backed by securities of quality assets and collaterals which have periodic cash flows," he added.
IIFL is a retail and institutional brokerage that offers advisory and execution services to over one million investors through a network of 3,000 business locations across India. In October last year, The Carlyle Group acquired a 9% stake in the listed unit of IIFL for $37.5 million.
Recently, Red Fort Capital, an India-focused private equity real estate fund, reached a final close on its second real estate fund at $500 million from overseas investors. Last December, Kotak Realty Fund had also raised INR5.23 billion from domestic LPs for a fund that will provide high-yield debt instruments to real estate developers.
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