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IL&FS Private Equity invests $33m in real estate in third quarter

  • Alvina Yuen
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IL&FS Investment Managers (IIML), the India's largest private equity firm by assets under management, invested INR1.8 billion ($33 million) in real estate during the quarter ended December 2012. It also recorded exits worth INR2.45 billion across private equity and real estate during the same period.

Consolidated net profit for the quarter was up 14% to INR197 million, compared to INR173 million for the previous quarter. Its revenues were almost flat at INR560 million.

"Long-term investors with a more strategic view are still cautious and continue to wait and watch as the government has embarked on announcing reforms," Archana Hingorani, CEO of IIML, said in a regulatory filing. "The fundraising markets continue to be challenging as the timelines to bring investors on board continue to be extended."

Hingorani added that as the fiscal situation improves and the reforms take effect, the market for India-focused funds would improve.

IIML - along with Milestone Capital - advises two $98 million domestic real estate funds focusing primarily on yield-driven real estate assets across India, with a view to earn lease rental incomes and capital appreciation during exits. The private equity firm also manages $1.4 billion through IL&FS Realty Fund I and II.

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