TriVeda Capital, a Sebi-registered Alternative Investment Fund (AIF), plans to raise a Rs '200-crore AIF corpus to invest in plotted development projects. The fundraising involves retaining an additional '50 crore through a green-shoe option. A Category II Alternative Investment Fund (AIF), Bangalore Opportunity, focuses on plotted development and residential assets in major South Indian metropolitan areas.
The fund targets garnering $1 billion worth of AUM in next five years. The fund, with a 5-year tenure, is targeting a first close in the coming quarters. "The fund will invest Rs 15-50 crore per project with end-to-end project life cycles of 3 years. We are targeting an IRR of 18%-21%," said Raj S Inamdar, Partner at Triveda Capital.
The firm already has a pipeline of two plotted transaction deals in Bangalore, totalling 25 acres and 4 acres, respectively. "We intend to focus on the Bangalore market as there is sufficient depth to scale up," said Ravindra Pai, MD, Century Real Estate Holdings. He is a partner at the newly launched fund.
Jointly, both partners have executed over $2+ billion transactions and managed an active development portfolio exceeding over 15 million square feet.
