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Alpha Alternatives raises $450-M in first close of $500-M infra fund

Economic Times   Alpha Alternatives Fund Advisors  

Alpha Alternatives Fund Advisors has raised USD 450 million (about INR 3,800 crore) in the first close of its maiden infrastructure fund called ‘Alpha Alternatives Build India Infrastructure Fund’ (AABIIF).Through this fund, the firm is looking to raise USD 750 million (INR 6,300 crore) including a green shoe option of USD 250 million (about INR 2,110 crore).The Category II Alternative Investment Fund (AIF) fund has a tenor of five years extendable by up to two years, and will invest in road assets across India, including standard, distressed, under-construction, and operating projects.AABIIF is Alpha Alternatives’ third fund in the illiquid alternatives space in the last 18 months, taking the total investor commitments to more than USD 1.25 Billion in illiquid alternative strategies. Alpha Alternatives’ current assets under management stands at USD 2.5 Billion.The group has already picked up a 10% stake in construction and infrastructure development company Dilip Buildcon. It would also acquire a 26% stake in 18 special purpose vehicles of Dilip Buildcon. It has already paid for 7 of these assets and around 15-17% of the newly raised funds will be used to pay for the balance assets.