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ADIA to invest $200m in India’s Kotak Realty Fund – report

  • Mirzaan Jamwal
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Abu Dhabi Investment Authority (ADIA) is reportedly planning to commit about $200 million to Indian real estate and has appointed Kotak Realty Fund, run by Kotak Mahindra Bank, to invest the money.

According to Reuters, the development comes a little over a year after ADIA hired an India-dedicated investment manager for real estate and infrastructure to look at direct investment opportunities in the country.

It shifted strategy towards emerging markets in 2012 - hiring Christophe Florin to head up its emerging markets private equity team and committing $50 million to Red Fort Capital's second India real estate fund.

Kotak Realty Fund has $811 million in assets under management across across five funds. In aggregate, it has generated exits of around INR14.8 billion ($247.8 million) as of October 2012.

ADIA has so far invested $400-500 million in Indian real estate, predominantly through fund channels. It allocates 5-10% of its portfolio to the sector on a global basis.

Other sovereign wealth funds have also invested in Indian realty this year - Government of Singapore Investment Corp (GIC), Temasek Holdings and Oman's State General Reserve Fund are reported to have committed $200 million to a real estate fund run by HDFC.

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