Investcorp exits Rs 135-cr structured credit investment in PBEL City

Deal is a milestone for firm's India residential credit biz; Against Rs 1,500 cr raised for this strategy, Investcorp has already made profitable exits exceeding Rs 1,350 crore in gross proceeds

Investcorp, an investment manager specialising in alternative investments, on Wednesday said that it has exited its structured credit investment in Hyderabad-based developer INDIS.

Investcorp Score Fund invested Rs 135 crore into the PBEL City project being developed by INDIS in Hyderabad. The mid-market residential project has seen more than 2,000 homes already handed over to residents as yet.

Ritesh Vohra, partner and Head of India Real Estate at Investcorp India, said: “We have had a really good experience working with G Anand Reddy and his team at INDIS. They are doing a fantastic job in establishing INDIS as an institutional quality developer, and we look forward to working with them again in the future.”

The transaction marks an important milestone for Investcorp’s India residential credit business. Against the Rs 1,500 crore raised for this strategy, Investcorp has now already completed profitable exits in excess of Rs 1,350 Crore in gross proceeds. The remaining portfolio is likely to be fully exited over the next 18-24 months.

Investcorp’s India Real Estate team invests in residential real estate projects located in top tier cities across the country. So far, the business has deployed capital through two funds across 26 projects. Investcorp plays in the senior structured credit space within real estate, with a focus on mid-market and affordable residential projects being developed by well-established developers.

Investcorp is also active in the mid-market private equity space in India and has invested across consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors. Its investments over the last four years include Wingreens, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog, XpressBees, and Safari Industries.