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Private Equity | 19 September 2013

Indian Property Advisors Plans Domestic, Offshore Fund

by Tilak Devadiga
Indian Property Advisors Plans Domestic, Offshore Fund
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PE Firm, Indian Property Advisors Pvt Ltd.(IPAL) is planning two funds – a R300 Cr domestic fund and $250 – 300 Mn offshore fund, which would be raised in the second quarter of 2014, Livemint states.

IPAL would be investing in small redevelopment projects with a turnaround of three years and will only fund for the growth capital.
The company plans to have plain vanilla equity investment rather than a structured deal.

IPAL has already committed R50 Cr in a SPV of Neumec Group which is working on redevelopment projects in Vile Parle in Mumbai.

The fund raise plans comes at a time when the rupee is depreciating, delays in project completion and gloomy exit scenario.

There are 22 funds focused on real estate that are looking to invest solely in India, and are collectively seeking in excess of $4.2 billion with an average fund size of nearly $212 million.Investors have increasingly expressed their preference for sector-specific private equity funds, given the poor track record of sector-agnostic funds in delivering attractive returns or providing a smooth exit strategy. Other real estate focussed PE firms that have successfully raised fresh capital for new funds in recent times include Kotak Realty Fund, which reportedly received a $200-million (R 1,211 crore) commitment from ADIA for its $400 million (R 2,422 crore) fund.

Recently, Red Fort Capital was in talks with global investors for its third real estate fund just over a year after closing its second fund.

Also, Ireo was planning to launch its second realty PE fund with a target corpus of R1,000 Cr.

Jones Lang LaSalle's Segregated Funds Group achieved the first close of its maiden real estate fund in India.Its Residential Opportunities Fund - I, had raised R101 Cr commitments in its first closing, in line with the R300 Cr total fund raising target.

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