Capitedge India Plans to Launch Private Equity Fund Raising Schemes
Capitedge India is presently planning to invest in two residential projects and raise around Rs.300 crore through private equity for two upcoming residential projects.
Capitedge India Investment was a joint venture started out by 6 members of Wells Fargo Real Estate Advisors Pvt. Ltd. after the latter decided to stop any further investments in India since 2013. It had originally started out as an asset management company (AMC) for Wells Fargo Investments in India. The firm has not only launched new funds but is also looking for the third-party asset management and will do so if it finds a deal. Ananda Bhattacharya, Priyank Gupta, Prashanth Shetty are some of the members of Capitedge who joined from Wells Fargo. They have had previous experiences working at ICICI Bank Ltd. and its various departments which include land advisory, construction, financing, retail lending, construction finding etc.
Capitedge is also aiming at becoming a real-estate focused non-banking financial company for which they have hired a merchant banker. A spokesperson from Capitedge has reported that the process which has been initiated is expected to take effect in about 6 more months to come.
Fund raising:
The residential projects shall be planned across 5 cities and each being roughly Rs. 125-150 crore investments with an expected internal return rate of 20%. There have been many investors interested in specific investment strategies. For this, smaller sized fund targeting has been aimed for the projects, as reported by a recent member of Capitedge, Puneet Bhatia. A third application has been planned to be filed in October that will help raise yet another domestic fund. Capitedge is not the only company involved in fund raising at the moment as other fund raising announcements have been made such as Religare Credit Advisors, Milestone Capital Advisors, ASK Property Investment Advisors Pvt. Ltd. etc.
Chief Executive Officer, Anshul Jain of Global Advisory Firm DTZ India says that real estate shall pick up further in the coming 3-4 years which makes it an ideal time for fund raising creating the right environment.
Source: Live Mint
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