Dalmia Nisus Finance Investment Managers LLP (“Dalmia Nisus”), an alternative asset manager of Nisus Finance Group, has successfully exited its investment through their Real Estate Credit Opportunities Fund – I (RECOF-I). The Fund invested INR 40 Cr in Shriram Properties’ Chirping Ridge, a plotting project along with Jain Heights in Bangalore, in July 2022.
Dalmia Nisus is a fund of Nisus Finance Group headed by industry veteran Amit Goenka. It is an investment from the INR 500 Cr Fund that primarily invests in structured credit and mezzanine investments across the residential space in India.
The fund exited this investment within two years, securing a robust return of approximately 19% IRR. The Fund’s investment helped accelerate the development and sales of one of Shriram Properties’ prime projects in Bangalore, which has seen significant progress in development and sales over the last couple of years.
The Shriram Properties Chirping Ridge project is a plotted development spread across ~21 acres in Malur Taluk, Kolar District, Karnataka, with a total potential of 5.43 lacs sq. ft.
“We have had a very high level of satisfaction working with Nisus over several transactions. They understand the projects well and have moved quickly through their innovative structures to finance them and work closely with our team to complete the project,” Murali, MD, Sriram Properties.
“Nisus Finance exceeded my expectations! Their streamlined processes, efficient and responsive team, expertise, and personalised solutions made securing funds effortless, which helped accelerate and exit our project with Shriram Properties,” Kishor Jain, MD, Jain Heights, said.
Amit Goenka, CEO of Nisus Finance, stated, “Our strategy of investing in mid- and late-stage projects with strong counterparties and partners like Shriram Properties Ltd is paying rich dividends to our investors. Our team was happy to support Shriram Properties due to its sharp focus on completing the development, affecting sales and collections, and being compliant with statutory norms. The advent of RERA has boosted buyer confidence for quickly completing projects, allowing increased sales velocity and quick receivables.”
Nisus Finance Group manages several AIF funds led by industry veteran Amit Goenka. RECOF – I, an AIF Category – II fund with a corpus of INR 500 Cr, and “Real Estate Special Opportunities Fund – I” (RESO-I), with an INR 1500 Cr corpus, are focussed on investing in highly value-accretive opportunities that provide higher yield and asset cover to unlock value through structured capital within highly profitable and de-risked projects. In the Chirping Ridge project, the RECOF 1 fund invested Rs. 40 cr. in July 2022. It exited in August 2024 with an IRR of 19%, using the funds to discharge the erstwhile lender and complete infrastructure construction like roads and clubhouses.
The RECOF-1 fund has largely exited its portfolio investments, with the remaining one investment to be exited within the next three months. It is on track to deliver 19% net IRR to its investors, with all investments successfully exited and returning capital within four years, quarterly distributions, and high returns.
