Fund News
Prime Securities launches real estate AIF; targets Rs.1,000-Cr corpus
Mumbai-based merchant banker Prime Securities has entered the alternative investment fund (AIF) business through its group entity, Prime Litmus Investment Management, which has launched a Category II AIF. The fund is targeting a corpus of INR 750 crore, with a greenshoe option of INR 250 crore.The fund is a joint venture between Prime Research and Advisory, a subsidiary of Prime Securities, and real estate-focused investment advisory firm Litmus Global Services. It focuses on structured credit investments in under-construction residential real estate projects. The entity plans to deploy the capital over two years across the Mumbai Metropolitan Region, National Capital Region, Bengaluru, Chennai, Hyderabad, and Pune.The fund has a tenure of six years, extendable by one year, and targets 12 to 15 transactions with deal sizes ranging between INR 50 crore and INR 150 crore. The firm aims for an annual internal rate of return of 18-20% on these investments.
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