Pirmala Group to start residential investment fund
Piramal Fund Management Pvt. Ltd is planning to sell investments worth $100 million this year and may start a fund that will invest in residential properties. Piramal Fund Management, a part of the Ajay Piramal Group, is looking at a 100 percent return of capital across two of its early domestic and one offshore fund within the next year or so.
This year will see the first exits from Domestic Fund Scheme IV (Rs.922 crore) which was raised in 2010 thereby starting the process of exits from the fund’s portfolio within a span of four years. In 2013-14 we had committed to securing Rs.1,000 crore of exits and we made good on that commitment over the past year said Khushru Jijina who is the managing director (MD) of Piramal Fund Management.
The fund is looking at exiting some of its investments when private equity (PE) funds are under pressure to return money to investors. This announcement of fund for investment in residential purposes has for sue helped the people who are involved in the realty business. Piramal is a trusted name and that is going to work as a positive sign for the developers.
Source: Mint
