Kotak Investment Advisors, the alternative investment arm of Kotak Mahindra Bank, has hit the final close of its latest real estate fund at $380 million (about Rs 2,770 crore), as per a statement by the company.
The new fund will invest across cities and back residential, commercial, retail, warehousing and hospitality projects. It is open to investing early and late.
The fund has roped in a clutch of global financial investors as anchors.
“This fund shall continue to capitalise on our resilient past experience of investing in 60 plus real estate transactions,” said Vikas Chimakurthy, chief executive officer, Kotak Realty Fund.
The fund marks the 11th offering in the real estate kitty of Kotak Investment Advisors. Starting with its maiden fund back in 2005, the platform has so far raised $2.2 billion across funds.
Kotak Investment Advisors has in total raised roughly $4.6 billion across different asset classes including private equity funds, real estate funds, infrastructure funds, special situations fund, listed strategies and investment advisory.
The development comes at a time when the real estate market is recovering from coronavirus.
The last few months have seen real estate funds being launched. The real estate private equity arm of Motilal Oswal Financial Services floated its fifth fund with a target corpus of Rs 800 crore ($109 million)
Prior to that, Gurugram-headquartered PE firm Rising Straits collaborated with 360 Realtors, a city-based brokerage firm, for a new fund.