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JLL reaches first close on debut India real estate fund

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Jones Lang LaSalle’s (JLL) Segregated Funds Group has reached a first close of INR1 billion ($17.2 million) on its Residential Opportunities Fund I. The vehicle launched last year and has a final target of INR3 billion ($51.2 million)

It aims to invest in residential projects in seven tier-one Indian cities - Delhi and its surrounding National Capital Region, Mumbai, Bangalore, Chennai, Kolkata, Hyderabad and Pune, during its six year tenure. Each project is expected to receive INR250-300 million in funding.

The Segregated Funds Group was set up last year to raise funds with dedicated investment themes for the Indian real estate market.

Separately, LaSalle Investment Management is seeking to raise $700 million for an Asia Pacific property fund. 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.

Another realty-focused fund manager, ICICI Prudential AMC, exited investments in Bangalore residential projects with returns upwards of 20% earlier this week.

Also this week, India-focused TriVeda Capital launched a $500 million real estate asset management platform, initially comprising five residential and mixed-used projects located in Bangalore.

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