First close of Maiden realty fund at $65M made by Reliance AIF
Reliance AIF Asset Management Co. Ltd has gone up by Rs. 400 crore as the he primary close of its maiden real estate fund.
The Reliance AIF is a cent per cent subsidiary of Reliance Capital Asset Management Ltd and is going up by a total of Rs. 1,000 crore under Reliance Yield Maximiser Alternative Investment Fund Scheme 1 (RYM AIF) that was initiated in early August of this year. The fund will go up by Rs. 200 crore more in a second interim close within two months.
The fund has financed its capital in four deals on residential deals two at Chennai, one each at Mumbai and Bangalore. This is what reported by a spokesperson of the company.
The fund is planning to achieve its goal corpus of Rs. 1,000 crore by March next year. The new fund of Reliance primarily invests in a safe environment and concentrates on the residential projects that are in ongoing stage of construction development, across major metros like Pune and Delhi region. The size of per transaction will be around 40-120 crore.
Real estate investors have felt a rise in many funds on the way to increase the capital. Amplus Capital is also in the way to raise a $0 million off shore fund of this year. Essel Finance is planning to raise an offshore fund. Milestone Capital will be rising up a Rs. 500 crore realty fund from domestic or local investors.
ASK Group’s real estate investment pack ASK Property Investment Advisor Pvt. Ltd ignited about Rs. 1,500 crore ($244 million) from domestic fun named ASK Real Estate Special Opportunities Fund II.
A chain of PE investors has supervised in raising fund to finance Indian real estate projects. Indiareit, ASK Group and Jones Lang LaSalle among the other investors have managed to raise capital from both onshore as well as offshore markets.
In the first quarter of this year, Motilal Oswal Real Estate and IDFC Alternatives hit the fund raising milestones. Piramal, another firm recently raised Rs. 500 in interim close to apartment excess-buying fund.
Source:
VC Circle
ASK Property Investment, ASK Property Investment Advisor Pvt. Ltd, Reliance AIF, Reliance Capital Asset Management Ltd, Reliance Yield Maximiser Alternative Investment Fund Scheme 1
