Affordable and mid-segment residential projects
Mixed-use developments
Top six cities: MMR (Mumbai Metropolitan Region), NCR (National Capital Region), Bengaluru, Chennai, Pune, Hyderabad
Development-stage and distressed opportunities
Conservative underwriting with a margin of safety
Opportunistic allocation across asset segments and capital structures
Active asset management and stringent cost control
Defined risk management framework including project-specific oversight
In-house asset management team
Tenure: 3–4 years
Targeted Returns: 19–22%
Tenure: 3–5 years
Targeted Returns: 23–27%
Tenure: 2–3 years
Targeted Returns: 12–15%
Track Record
24 full exits and 13 partial exits
Average IRR on exited deals: 19.68%
Multiple on Invested Capital (MoIC): 1.86
Partnerships
Collaborations with 9 of India’s top-listed and corporate developers
Repeat deals with 7 developers
Asset Management
6 civil engineers co-located in cities of investment for real-time monitoring
Monthly project reviews to track progress, costs, and collections
Investor-Focused Approach
Significant repeat investors in every fund
Zero leverage on investor funds
Sustainable Developments: LEED/GRIHA certified projects, rainwater harvesting, sewage treatment, green building certifications
Worker Welfare: Labor camp amenities (RO water, sanitation, medical camps), employment & training programs for unskilled workers
Environmental Initiatives: Dust pollution control, green cover development, reuse of treated water for construction
DPI: 0.90
RVPI: 0.69
TVPI: 1.60
Outperforming industry benchmarks for real estate-focused AIF funds
Fund Type: Category II AIF (Real Estate Special Situations)
Fund Size: INR 1,000 Cr (with Green Shoe Option up to INR 1,500 Cr)
Target Return: 21% Gross XIRR
Tenure: 6 years + 1 + 1 (from first close)
Commitment Period: 12 months from final close (extendable by 6 months at discretion of investment manager)
Hurdle Rate: 10% XIRR
Sponsor Contribution: 5% + 1% by the team
| A1 | Less than 10 Cr | 2.00% | 20.0% |
| B1 | 10 Cr – < 25 Cr | 1.75% | 17.5% |
| C1 | 25 Cr – < 50 Cr | 1.50% | 15.0% |
| D1 | 50 Cr or more | 1.25% | 12.5% |
Management Fee: Charged by the fund manager for managing investor capital
Performance Fee with Catch-Up: Charged based on profits earned
Monitoring Mechanism:
Regular project reviews by Monitoring Committee (CEO, CIO, Asset Management Heads)
Appointment of third-party Project Management Consultants (PMC) and Quantity Surveyors (QS)
Default Safeguards:
Pledge of SPV shares
Escrow mechanisms for project receivables
Investment only with clear title, FSI entitlement, and confirmed land zoning
Funds Under Management (FUM): INR 6,725 Cr (USD 1,017 Mn)
Invested: INR 5,900 Cr (USD 910 Mn)
Exited: INR 3,180 Cr (USD 452 Mn)
Simple Average IRR: 19.68%
