Motilal Oswal Alternates (MO Alternates), the alternative investments arm of Motilal Oswal Group, has announced the final close of its sixth real estate fund — Indian Realty Excellence Fund VI (IREF-VI) — with commitments totaling Rs2,000 crore. This marks a 65% increase over its predecessor and stands among the largest and fastest domestic capital raises in India’s real estate credit space.
A majority of the capital was raised from Indian HNIs and family offices, underscoring strong domestic conviction in real estate credit. Offshore commitments via the GIFT City route further highlight rising global interest in Indian real estate. With 75% of the fund already deployed across 15 projects in Mumbai, Pune, Chennai, Bangalore, Hyderabad, and Kolkata, MO Alternates has partnered with top developers including Ajmera Realty, Runwal Enterprises, Ambuja Neotia Group, Casagrand Group, and Assetz Group.
The fund focuses on mid-income residential developments, catering to urban housing demand. Its first exit has already delivered a notable IRR of 20.25%, reinforcing investor confidence. Since early 2024, MO Alternates has committed over Rs2,500 crore across 35+ projects and exited more than 30 investments, with total divestments exceeding Rs2,200 crore.
With cumulative real estate AUM now crossing Rs10,000 crore, the platform has made over 180 investments and secured 110 complete exits. Co-Heads Saurabh Rathi and Anand Lakhotia emphasized the platform’s ability to underwrite across markets and deliver tailored credit solutions amid tightening norms for traditional lenders. Executive Chairman Vishal Tulsyan added that the successful close reflects the platform’s governance strength and long-term commitment to consistent performance across cycles.
