ICICI Pru to raise up to ₹2,000 crore for fresh real estate fund

The event comes at a time when the realty market noticed a string of funds specializing in the residential phase.

By Swet Sarika, Hindustan Occasions, New Delhi

PUBLISHED ON APR 19, 2021 12:16 AM IST

ICICI Prudential Asset Administration Co. is aiming to drift its sixth residential actual property fund, two folks informed VCCircle, looking for anonymity.

The three way partnership of ICICI Financial institution and the UK’s Prudential Plc is looking for to drift a credit score fund with a corpus of 2,000 crore ($270 million), together with a greenshoe possibility, they stated.

“The corporate had utilized for a licence final quarter and is anticipating approval this quarter. It is going to kick off energetic fundraising after approval. Talks have been on with present and new traders for comfortable commitments,” one of many two folks individuals stated.

The second individual stated that the fund will spend money on initiatives throughout high Indian cities. “For the fundraise, it can faucet institutional traders and excessive web value people in India and overseas,” he added.

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The folks stated it can formally launch the fund throughout the subsequent two to 3 months.

The AMC didn’t reply to VCCircle’s queries until press time. As per its web site, the AMC has raised 5 funds for residential initiatives with a cumulative corpus of over 3,000 crore. It has to date raised one fund for industrial actual property.

Because it began investing in actual property in 2007, it has managed over 3,900 crore throughout 65 initiatives, and has made 40 exits to grasp 4,000 crore, in keeping with its web site.

The AMC’s realty enterprise had final raised a fund in 2015.

The event comes at a time when the realty market noticed a string of funds specializing in the residential phase.

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