US-based hedge fund Capri Capital Partnersplans
to launch its first India-dedicated real estate private equity fund to raise
about $400 million, two people familiar with the development said.
Capri Capital, which advises
pension funds and institutional investors globally, has $3.7 billion assets
under management.
It is looking to raise the fund
through its India arm, Capri Global Capital, after the upcoming general
elections. The offshore fund will focus on investing in affordable housingprojects
across the country, the people quoted earlier said.
Quintin Primo III, chairman & CEO of
Chicago-headquartered Capri Capital, refused to share details of the fund
raising plan. He, however, said Capri Global Capital is
working on the "right" investment strategy in India.
"We want to aggressively
expand that platform. We hope to secure various sources of capital in the next
12 months including equity, debt, private equity format and also through joint
ventures," he said. Capri Global Capital is a listed non-deposit accepting
systemically important non-banking finance company (NBFCs-ND-SI) focused on
wholesale, small and micro enterprise lending. Large global institutional
investors, with few exceptions such as Blackstone Group, have been keeping away from the Indian
real estate sector given the current scenario.
However, according to Primo,
Indian real estate is throwing up good opportunities due to tough liquidity situation and
Capri is aiming to tap this growth.
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