Red Fort to raise $500m for second real estate fund
Red Fort Capital, an India-focused real estate investor, has announced it is targeting INR10-15 billion ($500 million) for its latest property fund.
The new vehicle, which will acquire Indian commercial and residential assets, held a first close on around $80 million in April 2011. According to sources, it is already in the final stages of fundraising and is expected to close soon.
The private equity firm's first fund, which raised $400 million, is fully invested. Last month, Red Fort I claims to have returned more than $100 million to LPs - which include sovereign wealth funds, pension funds and insurance companies - since 2009.
The firm realized four exits from New Delhi and Chennai-based investments in the residential and office sectors in the first quarter of 2011. It sold a total of 6,095 residential units representing more than $881 million in revenues between 2009 and March of last year.
Via Fund I, in February 2010 Red Fort invested in a residential project being developed in Noida, in the northern state of Uttar Pradesh, by real estate firm 3C. The investment was somewhere between $21.4-28 million for a 50% stake in the whole project.
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