IDFC's PE arm raises Rs 750 crore for housing sector

IDFC Alternatives, the multi-asset management platform promoted by infra financier IDFC, today said it has raised Rs 750-crore to provide debt support to residential projects.
IDFC Real Estate Yield Fund raised the corpus in ten weeks in spite of the troubles on the economic front, it said in a release here.
The fund is targeting residential projects which are under construction in Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Pune, said.
"The real estate sector is going through a tough phase in the backdrop of a market slowdown and most developers are stretched with reduced cash flows. This is the right time to plough money into the sector and structure transactions that will provide high yields going forward," IDFC Alternatives Managing Director and Chief Executive M K Sinha said.

The debt-focused fund has a medium term horizon and has already committed Rs 123 crore to two projects in Pune and Bangalore, the release added.
The scheme will focus on established developers and brown-field residential projects to help generate superior returns, it said.