Milestone Capital Advisors launched its 10th fund
Private equity player Milestone Capital is hoping to raise Rs. 500 crore in its 10th fund. They launched this fund keeping in mind that they will invest the money which will be raised through them in the mid-segment residential real estate.
Tata Investment Corporation is the anchor investor in this fund which is named as ‘’ Milestone Opportunities Fund 10’’. They will have an upsize option of up to Rs 200 crore. Within three-and-a-half years it aims to generate a gross IRR (Internal Rate of Return) of 24 %. By the end of September, the fund is all set to close the first round. Rubi Arya the vice chairman & director of Milestone Capital Advisors stated that they are looking at a sum of Rs. 200 crore which the investors will bring in to their corpus in the first round. She expects that it would take another six months to raise the balance money of Rs. 300 Crore.
Milestone has over Rs 3,700 crore of capital across nine funds, and it manages investments for over 16,500 investors. These nine funds include 2 offshore funds and the categories in which these funds exist in are real estate, health care, education and bullion products.
The PE firm will be looking at partners (developers) in the NCR, Mumbai, Pune, Bangalore and Chennai for residential real estate projects. These real estate projects will be executed under the new fund. The PE firm has invested Rs. 220 crore from the three funds across multiple investments in Chennai and Pondicherry in residential and commercial projects.
Source- The Financial Express
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