Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, today said it has done interim close of Rs 300 crore for its Rs 1000 crore domestic fund.
Indiareit's Domestic scheme V is among the series of funds raised by Indiareit which manages corpus of Rs 4343 crore across its five earlier funds and two third party manages.
"The Scheme is targeting structured returns to take advantage of the mismatch between the availability of capital and the demand for it. The investment underwriting therefore, focuses on not just the quality of the project, visibility of cash flows and track record of the development partner, but also adds an extra layer of security to enhance the risk return profile," Indiareit said.
Indiareit's Mumbai Redevelopment Fund has also reached its targeted corpus of Rs 500 crore, the fund manager said. The Fund targets a niche strategy focused on slum and redevelopment projects in Mumbai and has already committed around 40 percent of its corpus.
