Godrej Fund Management plans to launch another office development fund

With the new fund raise, Godrej Fund Management now has $1.6 billion (Rs 11,400 crore) of assets under management. It also has funds for residential real estate

After raising $450 million (Rs 3,200 crore) for its office development fund, Godrej Fund Management, real estate private equity arm of Godrej Group, is looking to launch a newer one with a larger corpus, early next year.

“We plan to close the (proposed) fund by mid next year. It would be bigger than the first fund (Godrej BTC-1),” said Karan Bolaria, managing director and chief executive.

He said the Godrej BTC-1 fund could develop about five mn sq ft of property, as could the next fund. “We can develop about 10 mn sq ft with a total valuation of $2 billion and