Development Bank of Japan invests in HDFC Capital fund

The Development Bank of Japan (DBJ) has committed capital to the H-DREAM Fund, an affordable and mid-income housing platform managed by Mumbai-based HDFC Capital , the real estate private equity arm of the HDFC Group. The transaction was routed through an offshore feeder fund structure established under the International Financial Services Centres Authority framework at GIFT City.Founded in 2015, HDFC Capital manages investment platforms with aggregate assets claimed to exceed $4.5-B, focusing on affordable and mid-income housing. The H-DREAM Fund has a target corpus of $500-M, with a greenshoe option of another $500-M. Current investor commitments in the fund exceed $350-M. This investment marks the first entry of the government-owned DBJ into the Indian residential property market.