There have been significant fund raising announcements of >US20B made over the last two years for investing in Indian real estate. Even thought the overall amount is huge, note that a big proportion of funds have yet been deployed as yet.
As a word of caution, in the current market, it is not inconceivable that the draw down facility many PE players use for funding new projects could be dry up or be materially reduced as their investors can back out of their capital commitments. According to news reports, there are over 15 private equity deals across sectors that have been called off since December. Some of the key ones include Citi Venture’s investment in Akruti City and ICICI Ventures’ investment in Jaypee Infratech.
Here is a list of funds with the amount of money raised to invest in Indian Real Estate. The present may look gloomy due to high input costs, rising interest rates and lack of cash but the future holds good with over $20 billion waiting on the sidelines.
Fund Amount (US$MM)
Pacific Star (Asia Fund Select Concept) 2000
ICICI Ventures 2000
IDFC Private Equity 2000
Donald Trump Jr 1000
Deutsche Bank (RREEF Alaternate Investments) 1000
Millennium Spire 2 1000
Kotak India Realty Fund - overseas 1000
Credit Suisse 1000
Blackstone group 1000
Goldman Sachs 1000
HDFC International Fund (HIREF International LLC.) 800
IL&FS Investment Managers Ltd 750
Sun Appolo Real Estate Fund 630
Triangle India Real Estate Fund (co-promoted by Old Mutual Investment Group Property
Investments (OMIGPI) and ICS) 500
Baer Capital (Dubai based PE fund) 500
HSBC Real estate fund 500
Khaleeji Commercial Bank (Global Logistix Navi Mumbai Investment Company) 430
JM Financial Infinite India 400
Trikona Capital 375
Singapore Ascendas 325
Mumbai-based Primary Real Estate Advisors 300-500
Unitech (Unitech International Real estate fund) 300
Rutley Capital Partners 300
US Based Hines 300
Societe Generale Asset Management 296
Milestone Capital Advisors (Milestone Domestic Scheme–II) 250
Red Fort Capital - domestic fund 250
Knight Frank 250
Yatra Capital (Netherland) 212
Mauritius based Pragnya Fund II 150
Yatra Capital (Euronext) 136
LIC Housing Finance 125
JM Financial Property Fund II 125
Citigroup property investors 125
Morgan Stanley 70
GE Commercial Real estate 63
Millennium Spire I 50
Total 21,812
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