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Motilal Oswal Alternates (MO Alternates), the alternative investments arm of Motilal Oswal Group, has announced the closure of its second real estate fund—India Realty Excellence Fund II (IREF II)—following the exit of all 14 investments with a gross internal rate of return (IRR) of 18.3 per cent.
IREF II, a Rs 489 crore domestic real estate fund, focused on providing structured capital to established developers in their mid-income residential projects across India’s leading urban markets.
IREF II operated through a period marked by multiple disruptions and reforms such as demonetisation, the introduction of the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST), the non-banking financial company (NBFC) liquidity crisis, and the COVID-19 pandemic. Each of these created significant short- and medium-term challenges for the industry, including sales disruptions, funding constraints and execution delays. Despite these challenges, IREF II maintained a resilient portfolio, backed by a strong focus on capital protection, underwriting discipline and active monitoring, enabling it to exit all deals profitably, MO Alternates noted.
Over its lifecycle, the fund partnered with Kolte Patil Developers, Casagrand Group, Shriram Properties, among others.
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Vishal Tulsyan, co-founder and executive chairman, MO Alternates, said, “With increasing formalisation, stronger balance sheets, and a growing appetite for institutional capital, we believe this is a defining decade for real estate in India—and MO Alternates is well-positioned to play a meaningful role in its evolution.”
MO Alternates’ cumulative assets under management (AUM) for real estate exceed Rs 10,000 crore across six real estate funds and co-investments. The platform has made over 180 investments and secured more than 110 complete exits. Overall, the alternative investments platform manages more than $2 billion in cumulative AUM across real estate and private equity.
The firm will continue to deploy capital through subsequent funds in the IREF series and co-investments focused on real estate.
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