JLL reaches final close on maiden India property fund
Segregated Funds Group (SFG), the private equity unit of Jones Lang LaSalle (JLL), has reached a INR1.6 billion ($27 million) final close on its maiden Indian real estate fund - short of its original INR3 billion target.
Launched in October 2012, the so-called Residential Opportunities Fund - I (ROF - I) is a six-year, close-ended private equity fund which will target returns of around 25%, according to a release.
It reached a first close in June last year at INR1 billion with significant portion of capital coming form a combination of high-net-worth individuals, institutional investors and family offices. Axis Bank acted as the placement agent for the fund.
The vehicle aims to invest in small residential projects in prominent locations across seven cities in India, namely Delhi NCR, Mumbai Metropolitan Region, Bengaluru, Chennai, Kolkata, Hyderabad and Pune.
According to AVCJ Research, this is the third final close by an Indian real estate fund since the beginning of the year. Last month, Indiareit's Domestic Fund Scheme V and Everstone Capital's Indospace Logistics Parks II closed at INR10 billion and $330 million, respectively.
Separately, JLL's LaSalle Investment Management is seeking to raise $700 million for its Asia Pacific property fund - LaSalle Asia Opportunity Fund IV - which reached a first close of $192 million in July.
It focuses on industrial properties and hotels in Australia and China, retail properties in Australia, industrial assets and offices in Japan, and higher-return housing in select cities in China.
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