Indiareit Fund launches domestic venture captial fund scheme

Indiareit Fund, a real estate captial fund promoted by Piramal Enterprises, today launched a close- ended domestic venture captial fund scheme focused on investing in Indian real estate market.

"The investment objective of the fund is to make investments in projects within the gambit of real estate focusing on long-term capital appreciation," Indareit CEO and MD Ramesh Jogani told reporters here.

He said the fund would participate by means of equity instruments of unlisted companies (special purpose vehicles for specific projects identified by the fund for investment) engaged in real estate.

"Indiareit Fund Scheme IV - is empowered with 'industry first' features including pledge facility and drawdown holiday, which will make fund a rewarding real estate investment vehicle," he added.

On the focus of the fund, which is on the residential sector in Chennai, Bangalore, Mumbai and Delhi, Ramesh said "established markets with proper civic infrastructure and employment opportunities provide firm demand."