Edelweiss Alternative Asset Advisors today said it has raised Rs 500 crore through its onshore alternative investment fund -- Edelweiss Real Estate Opportunities Fund. The fund aims to capitalise on limited liquidity in real estate market through multi-strategy approach with focus on cities like Mumbai, NCR, Bengaluru, Hyderabad, Pune and Chennai across residential and commercial real estate, Edelweiss said in a statement. The fund has already deployed Rs 152 crore in four deals across geographies. "We believe that residential real estate is poised to bounce back with existing regulation available to protect consumer interest," Edelweiss global wealth and asset management chief executive Nitin Jain said. "In addition, limited capital availability creates an ideal opportunity for providers of alternative sources of capital to invest in real estate.
Improving business sentiments and a recovery in the demand for office space will lead to further investment opportunities," he added. Edelweiss Alternative Asset Advisors, part of diversified financial services firm Edelweiss Group, deals in alternative private Debt, across special opportunities, real estate and distressed assets credit space. "Post demonetisation, the market in India has stabilised and RERA has given confidence to the buyers on timely completion of projects. The investments in alternative space in India have picked up significantly over the past year or so," said Vibhor Gujarati, head of marketing (India) at Edelweiss Alternative said. "We are encouraged with the response we have received for our real estate fund and remain confident on leveraging the opportunities available in this space," Gujarati added. Earlier this month, the Edelweiss Group had launched an alternative investment fund -- Edelweiss Crossover Opportunities Fund -- that will invest in companies looking to go public in the near-term and is targeting to raise a corpus of Rs 1,750 crore for the fund. This fund comes at a time when the IPO market has gathered pace and companies from a wide range of sectors intend to go public in the near-term, opening up new investment opportunities.