Indiareit Sets To Launch Second Offshore Fund

September 10, 2007	(Be the first to rate this story!)  Loading ...
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Indiareit, a real estate venture capital fund promoted by Piramal Enterprises, is all set to launch a $500 million fund by 2007-end.

It would be Indiareit’s second offshore fund. The company has a green shoe option of $200-250 million, says Ramesh Jogani, CEO, Indiareit’s Fund Advisors Managing Director.

The fund will attract investments from both individuals and financial institutions such as insurance and PE players in the US, Europe, Japan, the Middle East, and South-East Asian countries.

Institutions will require shelling out $5 million whereas the minimum investment for individuals would be $0.5 million to acquire a share in the fund, to be raised through distributors, informs Jogani. All leading distributors will be among the big PE players overseas and the company is looking forward to join hands with them to emerge as a major player in Indian real estate.

Indiareit will invest the fund over a period of four years. Piramil Enterprises launched the fund in March 2006. The advisors came out with $ 200 million offshore fund in which major private equity player 3i had invested $40 million. A large part of the investment in the fund came from the Middle East while there were private equity investments from Singapore and UK.

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