Indiareit Fund Advisors Pvt Ltd, the real estate dedicated private equity firm of Piramal Enterprises, has raised Rs 800 crore ($125 million) in its sixth domestic outing.
Its Domestic Scheme V crossed the basic fund size of Rs 750 crore last week and the firm has, in turn, exercised the greenshoe option to achieve the target fund size of Rs 1,000 crore by the end of the year. The committed corpus as of now stands at Rs 800 crore. In early August, the fund had marked an interim close at Rs 300 crore.
The fund—the sixth in the series of funds raised by Indiareit which manages and advises a total corpus of Rs 4,343 crore across five earlier funds and two third-party mandates—is targeting structured deals which also have an equity trigger option.
Khushru Jijina, managing director, Indiareit, said, “This entire fundraise has been a testament to the strength our sponsor, the Piramal Group demonstrating levels of alignment both by means of sponsor commitment to our funds and co-investments alongside our funds.”
The fund has already struck its first deal which is valued around Rs 100-150 crore, where Piramal Enterprises has invested as of now and once the fundraising process is completed, it will take back part stake in the unnamed project. The investment has come in a Mumbai-based residential project. VCCircle had first reported it in April this year.
Previously, the firm’s city dedicated redevelopment fund called Mumbai Redevelopment Fund had reached its targeted corpus of Rs 500 crore.
(Edited by Joby Puthuparampil Johnson)