Mumbai-based Integrow Asset Management has established a new alternative investment fund, focused on last-mile project funding, according to Mint.
Integrow Special Opportunities Fund, the firm’s first real estate fund, was approved by the Securities and Exchange Board of India last week as an AIF Category II.
The fund will seek to raise INR 5 billion ($66 million), along with a greenshoe option of raising an additional INR 5 billion ($66 million) over the next six to eight months, for a total of INR 10 billion ($132 million).
Capital is expected to come from domestic investors — primarily high-net-worth individuals and family offices. Ashish Deora, the founder and CEO of real estate firm Aurum Ventures, is an anchor investor in the fund.
“The first fund will focus on investing execution capital and last-mile funding because the demand for working capital is high,” said Ram Yadav, founder and CEO of Integrow. “We will also do inventory
