Capitedge India plans to launch residential funds
Realty fund and asset management firm, Capitedge India Investment Advisory which had is planning to launch a residential property based fund in India.
Capitedge India, the Company:
The independent advisory firm, Capitedge India was set up by 6 members of the American Banking Giant Wells Fargo, when the latter decided to shut its operations in India. The founding partners are closely associated with all operations of the advisory firm that has been set up. The team comprises of Saandip Kundu, Ananda Bhattacharya, Raadha Kundu (Saandip’s wife), Prashanth Shetty, Priyank Gupta and Hiral Soni. All strategies for investment and fundraising operations are conducted under Hiral Soni – as per reports revealed from the company website. Founding and Managing Director, Saandip has over 16 years of experience in the real estate financing and mortgage market. He was in charge of building franchise and steering investments as part of the Wells Fargo banking giant.
Soni had previously worked with Marvel Realtors and set a boutique investment banking firm that focused on catering to real estate and allied debt and equity syndication to M&A, land transactions etc. Reports of this fund raising plan was found by Mint which claimed that the firm has plans of floating 2 funds that will have a total corpus of Rs.300 crore. These funds as per the proposal shall be invested in the form of equity and debt structures in top 5 cities across the country. Yet another, third domestic fund shall be launched in the coming year.
The Wells Fargo company became a part of Indian Realty Space through acquiring of Wachovia in 2008. The financial meltdown in 2008 after buying out Wachovia was the last of moves by Wells Fargo other than managing of its own existing assets. It recently exited the old and rare Indian real estate developer by selling its Gurgaon based holding Vipul Ltd. Other than these, the firm also exited most of its other investments which adds up to more than half a dozen.
The real estate investment sector has also seen the launch of various new ventures made by former executives of realty PE firms and Capitedge India is one of them.
Source: VC Circle
Capitedge India, Giant Wells Fargo, Gurgaon based holding Vipul Ltd, independent advisory firm, Indian Realty Space, investment banking firm, Marvel Realtors, Residential property
