Fundraising - MARCH 18, 2014

J.P. Morgan raises $70 million for second Indian fund

by Andrea Waitrovich

J.P. Morgan Asset Management Global Real Assets has raised $70 million for its J.P. Morgan India Property Fund II, according to a filing with the SEC. The filing did not disclose a fundraising goal; however, the fund is estimated to be targeting approximately $500 million in equity.

The firm’s J.P. Morgan India Property Fund closed in August 2006 with $360 million. The vehicle focuses on cities such as Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune, with selective investments in other cities that were emerging as key economic centers at the national or regional level, including Nagpur, Surat and Vizag. Fund I invested in the development of new properties in a range of real estate assets diversified across office, residential, industrial and warehouse, retail and hospitality sectors.

An asset the vehicle invested is La Tropicana, a residential project by North India–based realtor Parsvnath Developers. In December 2010, JP Morgan India Property Fund made partial exit of $24.5 million by divesting its stake in a project of B Raheja Builders to K Raheja Group.

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