Bajaj Alternate Investment Management (Bajaj Alts), the alternative investment arm of Bajaj Finserv, has announced the initial close of its maiden commercial office real estate fund at around Rs. 950 crore.
The Bajaj Alts Real Estate – Growth Fund I has secured commitments from family offices, institutional investors and high-net-worth individuals. The fund has a target corpus of Rs. 2,000 crore, including the green shoe option, and has a pipeline of investment opportunities.
The fund will focus on developing Grade A commercial office assets in key Indian markets through equity joint ventures with established real estate developers. The strategy combines developer expertise and market access with institutional capital, investment oversight and disciplined underwriting.
Lakshmi Iyer, Group President – Investments and MD & CEO, Bajaj Alts, said the strong response to the fund reflected investor confidence in the firm's investment approach, governance and risk management framework.
According to Sanchit Bhatia, Head – Real Estate Fund, Bajaj Alts, the fund will pursue an equity-led strategy in commercial office development, allowing investors to participate in value creation from projects catering to corporates and Global Capability Centres (GCCs).
The fund plans to build a high-conviction portfolio across select cities with strong growth prospects. Bajaj Alts said it has a strong transaction pipeline and expects to deploy capital over the coming months.
The fund comes at a time when India's commercial office market continues to see structural demand from GCCs and large occupiers, supporting the long-term prospects of Grade A office assets in established markets.
