Arnya Real Estate Fund, Supreme Universal to launch Rs.1,000-Cr equity platform

Mumbai-based Arnya Real Estate Fund Advisors , an alternative investment management firm, and property developer Supreme Universal have launched a private equity fund focused on the Mumbai and Pune realty markets. The fund’s target corpus is INR 1,000 crore (a base fund of INR 500 crore and a green-shoe option of INR 500 crore).Arnya and Supreme, together as the sponsors of the fund, will be contributing 20% of the base fund corpus as seed capital.The fund will particularly focus on redevelopment projects, with Supreme being an execution partner. The platform, with a seven-year life, is eyeing an internal rate of return of around 25% from the platform.