TriVeda Capital, a real estate asset management firm, has raised $30 million from a string of domestic high net-worth individuals (HNIs) to invest in a residential project in Bangalore and is simultaneously charting plans for a separate realty fund targeting middle-class residential projects, a top company executive said.
Sachin Garg, vice president of TriVeda Capital, said: “We are in advanced stages of discussion to acquire a residential land parcel in Bangalore for $20 million and will soon be identifying a developer to execute the project.”
TriVeda also intends to begin capital raising activities for a closed-end vehicle established for non-resident Indians (NRIs), persons of Indian origin (PIOs) and India-based real estate investors. “We have circled the initial investors for this investment vehicle which shall make structured investments in the Indian real estate space. The vehicle is designed to provide attractive risk-adjusted returns combined with strong downside protection to investors,” said Raj S Inamdar, who floated TriVeda Capital.
Inamdar is the founder and CEO of Sorani Finance & Real Estate and the sponsor of TriVeda Capital, which manages a $500 million real estate portfolio for other investors in India. Previously he was a principal at Red Fort Capital (2009-2012) where he helped raise capital worth $500 million for Red Fort’s Fund II and headed asset management oversight across a portfolio of more than 20 projects in India worth over $5 billion.
He is also the former CIO of the $400 million South Asian Real Estate fund (2007-2009). Prior to that, he was a real estate development executive for Millennium Partners, a US-based developer of mixed-use Four Seasons and Ritz Carlton luxury properties. He began his career as an investment banker with Morgan Stanley’s M&A department in New York.
TriVeda’s initial asset portfolio comprises five residential and mixed-use projects located in Bangalore—an 80-acre mixed used project in East Bangalore, a 35-acre mixed use development in Yelahanka on NH7, a 28-acre residential development called World City, a 9.5-acre premium residential project located on old airport road called Golf Course residential and a 15-acre mixed use development called Silicon City at Whitefield.
Last year, Kuldip Chawla, the erstwhile principal of Red Fort Capital, had also hanged up his boots. He has now started a real estate start up called ASK Strategies and Real Estate.
(Edited by Joby Puthuparampil Johnson)