Motilal Oswal hires Sharad Mittal to head real estate
Motilal Oswal Private Equity (MOPE) has appointed Sharad Mittal as head of its real estate business. The firm is expected to launch an INR6 billion ($104 million) India real estate fund later this year.
Mittal is a chartered accountant with 12 years of experience in real estate. Prior to MOPE he was vice president of real estate investments at ICICI Prudential AMC, where he helped raise two funds worth INR13 billion ($223 million).
"Mittal was one of the key members responsible for leading the commercial rental office fund and managing transactions from mezzanine fund. He also led the fund raising exercise," MOPE said in a statement.
He has also worked with ASK Property Investment Advisors, First Rand Bank and ICICI Bank.
MOPE announced last year that it would launch a second India Realty Excellence Fund worth up to INR6 billion. The fund will tap both institutional investors and high net worth individuals (HNWIs) for investments in residential projects in large cities such as Mumbai, Chennai, Bangalore, Pune and National Capital Region (NCR).
MOPE's first India Realty Excellence Fund closed at INR2 billion in 2009. It targets residential real estate projects in Indian metros and has made six investments so far, with an average ticket size of INR200-300 million.
India's real estate space has been a key focus for private equity investors keen on targeting debt-laden developers that require capital at a time when banks are cautious about lending.
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