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Mridul-Upreti

JLL’s realty PE arm hits first close of second fund at $18 mn

11 May, 2016

Jones Lang LaSalle Segregated Funds Group, the real estate private equity arm of consultancy firm JLL, has marked the first close of its second fund at Rs 120 crore (about $18 million).

The Residential Opportunities Fund-II was floated with a target of raising Rs 300 crore. It has achieved the first close within five months.

The five-year close-ended fund seeks to invest in residential projects in seven cities–Delhi-NCR, Mumbai metropolitan region, Chennai, Bengaluru, Hyderabad, Pune and Kolkata. It will also deploy capital to buy in bulk apartments in projects located at prominent micro markets at a deep discount.

Mridul Upreti, CEO, Segregated Funds Group, said the fund plans to strike equity and debt-structured deals in the range of Rs 20-50 crore.

“With the current market situation, our focus initially is to invest in value dislocated situations such as bulk apartment inventory purchase at discounts and debt financing against project receivables in high quality residential projects,” Upreti said.

JLL SFG was incorporated in 2012 and operates under a separate legal entity, Jones Lang LaSalle Investment Advisors. It runs the Residential Opportunities Fund-I with assets under management of Rs 161 crore. The first fund also had a target to raise Rs 300 crore. It has been fully deployed.

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JLL’s realty PE arm hits first close of second fund at $18 mn

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