Indiareit's CEO quits to set up own fund - report
Ramesh Jogani, CEO and managing director of Indiareit Fund Advisors, an Indian real estate fund operated by Piramal Healthcare, is reportedly leaving the company to start his own fund.
Under Jogani's leadership since 2006, Indiareit has closed three domestic funds worth $349 million, as well as a $200 million offshore fund, which counts 3i Group as a cornerstone investor. The property specialist has also been raising a $500 million offshore fund since February, Reuters reported.
Jogani could be the latest senior executive in India's real estate private equity space to resign in order to start independent funds. There is a strong appetite for targeting debt-laden developers that require capital at a time when banks are cautious about lending.
Last November, Naresh Naik, managing director at Morgan Stanley's real estate arm, quit to set up his own fund. Two months earlier, Manish Kejriwal, India head of Temasek Holdings, also stepped down to start Kedaara Capital, which was said in April to be nearing a first close of $200 million for its maiden fund.
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