Private Equity

Fund News

Realtor Puravankara's Rs.750-Cr maiden fund makes first close at Rs.200-Cr

Economic Times  

Purva Asset Management Pvt Ltd, a subsidiary of real estate firm Puravankara Ltd, has received commitments of around INR 200 crore from investors, mostly domestic UHNIs and family offices, marking the first close of its maiden alternative investment fund (AIF-II). The fund has a target corpus of INR 750 crore. The fund will invest in a mix of plotted and residential developments under the ‘Purva Land' and ‘Provident' brands across Bangalore, Pune, Chennai, Hyderabad, and MMR. It will also invest in 6-8 mid-sized projects of Provident Housing with a four-year development timeline. Puravankara is a sponsor of the fund, and the two parties will co-invest in projects and acquire land parcels. The fund has offered a target IRR of 25% with a 12% IRR guaranteed by the sponsor of the fund.