Motilal Oswal Alternates raises Rs. 1, 250 crore for first close of IREF VI

The most esteemed and diversified financial services firm Motilal Oswal Alternates- the alternative investments division of Motilal Oswal Financial Services Limited announced that it has upraised Rs. 1,250 crore for the first close of India Realty Excellence Fund VI (IREF VI), which is its sixth real estate fund Also the company anticipates closing the rest of the fund within the month of September of this year with a greenshoe option.

Speaking to this, Saurabh Rathi, co-head of Real Estate, Motilal Oswal Alternates says, "We have already signed three term sheets with Grade A developers in Bengaluru, Chennai, and Hyderabad and we are expecting to close the first transaction within two weeks in Bengaluru”.

In addition, Rathi adds, "We typically look for further fundraising after every two years. And we are expecting to open new funds at 1.25 xs more than the existing pipeline."

In the month of August previous year, the company stated it will raise Rs. 2,000 through IREF VI. The fund is deliberately focused on the early-stage investments in mid-income & affordable residential projects across top eight cities of India, Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad, Kolkata, and Ahmedabad.

The past investments of Motilal Oswal Alternates in India include the projects from diverse developers such as Godrej Properties, Purvankara, Shapoorji Pallonji, Casagrand Builders, Shriram Properties, Ashwin Seth Group & Phoenix Group.