Chetan Dave walks out from IDFC
Bangalore- Chetan Dave, head of IDFC Alternatives real estate investment team, has resigned from his post due to mismatch of interests between him and the rest of the management, as said by sources.
Dave had joined IDFC Alternatives in June 2010. His position is expected to be taken up by Satish Mandhana, currently managing partner and chief investment officer at IDFC Alternatives, who heads the firm’s private equity practice.
IDFC was planning to launch $500-million (Rs 2,741 crore) real estate - focused fund shortly. Dave’s absence is expected to delay the firms plans for its first realty fund, which was looked over by him.
The firm planned to raise a specialised fund in order to focus on investing in leased-out commercial assets. And Dave was given the responsibility of developing a portfolio of infrastructure-focused real estate assets and a real estate private equity funds management business.
Formerly, Dave was the founding chief executive of Sun Apollo Real Estate Advisors, where he helped in raising a real estate fund of $630 million.
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