VCCircle

Private equity firm IL&FS Investment Managers Ltd has achieved first close of its real estate fund at $578 million (Rs 2,277 crore), reports Bloomberg (via Mint). Investors in the fund include institutions, pension funds, endowments and foundations. The fund's target is $750 million, which may be achieved over the next three months, the wire agency quotes Shahzaad Dalal, vice-chairman as saying. The fund will invest mainly in projects for housing, offices, hotels, IT parks, and unlisted real estate companies. The fund, with a maturity of between eight and 10 years, aims to offer annualised returns of about 25 per cent.
There has been a host of funds like JPMorgan Chase & Co., HDFC, ICICI Venture Funds Management and Sun-Apollo India Real Estate Fund LLC. that have raised funds to invest in Indian property.