Property consultancy firm Jones Lang LaSalle’s (JLL) Segregated Funds Group has announced the first closing of its maiden real estate fund in India which has a target corpus of Rs 300 crore ($52 million). The firm has raised Rs 101 crore ($17.2 milion) as capital commitment under the Residential Opportunities Fund – I (ROF – I) in its first closing.
VCCircle had first reported that the firm has got commitment of over Rs 100 crore and is soon making its first close.
The Segregated Funds Group is a new entity set up by the consultancy firm to raise a series of funds with dedicated investment themes for the Indian real estate market. The fund aims to invest in the residential sector in prominent locations across seven cities—Delhi NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Kolkata, Hyderabad and Pune.
The fund is expected to invest Rs 25-30 crore per project with a portfolio of 10-12 projects in its target market. Sources had earlier told VCCircle that it has already warehoused a transaction in Bangalore.
Commenting on the fund’s first closing, Mridul Upreti, CEO, Segregated Funds Group, said, “The current times provide an attractive opportunity to generate higher risk adjusted returns for investors by securing investment opportunities that have shorter development cycles and good locational attributes. We believe the depth of our experience, analysis and relationships in the market position us to capitalise on this opportunity.”
He said the fund intends to mirror the investment themes of direct investors in the residential real estate space.
Launched in early 2012, the Segregated Funds Group is Jones Lang LaSalle’s investment management business in India, offering high net-worth investors and institutions proprietary real estate investment opportunities.
Axis Bank Pvt Ltd acted as the placement agent for Scheme ROF – I.
(Edited by Joby Puthuparampil Johnson)