New Delhi: IDFC Alternatives has raised Rs 475 crore in its third real estate fund to invest in residential projects across seven major cities.
IDFC Alternatives said it has raised Rs 475 crore for its third real estate fund - the IDFC SCORE Fund - and targets to raise up to Rs 750 crore, a statement said.
IDFC Alternatives is a 100 per cent subsidiary of IDFC and is an advisor and investment manager of IDFC sponsored funds across private equity, infrastructure and real estate. It has assets under management of about Rs 17,000 crore.
IDFC SCORE Fund is a structured credit fund focused on the residential sector that aims to provide fully-secured but flexible debt to real estate developers.
The fund will predominantly invest in approved residential projects in the top 7 cities - MMR, Bengaluru, Chennai, NCR, Hyderabad, Pune and Kolkata.
"We see significant opportunities in the structured finance space presently, especially as the real estate markets continue to remain in the slow lane," said M K Sinha, Managing Partner and CEO, IDFC Alternatives.
"This is our third real estate fund and the fact that a large proportion of the capital has been raised from existing investors speaks for itself. We expect to complete the balance fund raising shortly and hope to deliver a superior investing experience to all our investors," said Ritesh Vohra, Partner - Real Estate, IDFC Alternatives.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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