India's Piramal Capital merges PE and lending arms

The combined entity is known as Piramal Fund Management (PFM). Piramal Capital is the finance arm of Piramal Enterprises, the flagship company of Piramal Group.  

PFM will provide exposure to real estate across private equity, structured and mezzanine equity, structured debt, senior secured debt and construction finance. As a result, Piramal Capital now has two entities: PFM and Structured Investments Group. The latter will be headed by Jayesh Desai and Parvez Umrigar and will target structured finance deals in infrastructure.

"This reorganization will facilitate engagement with our development partners to meet their funding requirements across the entire lifecycle of a project," Khushru Jijina, managing director of PFM, said in a statement. "We are uniquely capable of catering to the entire capital stack - right from early stage equity to late stage debt and are therefore able to act as perpetual providers of capital within this space."

Currently, PFM manages and advises funds over INR75.5 billion ($1.2 billion) on the equity side, including five domestic funds, one offshore fund, three third-party mandates and a separate account with CPPIB Credit Investments, a unit of Canada Pension Plan Investment Board (CPPIB).

The two groups have also formed a $500 million realty debt fund which will provide rupee-denominated debt financing to residential projects across India's major urban centers.

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• Topics
• South Asia
• Real estate
• India
• Real estate
• Indiareit Fund Advisors
• Structured finance