Kotak Investment Advisors plans $1b fund for India’s residential property market

Kotak Investment Advisors, a part of Kotak Mahindra Bank that focuses on its alternate assets business, is seeking $1 billion for a new fund focused on residential property in India’s top five cities, according to Bloomberg.

The Abu Dhabi Investment Authority may contribute $500 million to the property fund, while Allianz SE could invest about $220 million. Uday Kotak, Asia’s richest banker, is also said to be backing the vehicle.

Kotak Investment is also in advanced talks with other investors for the fundraising, a person with knowledge of the matter told Bloomberg. Details about the size of the fund and investor lineup could still change.

Kotak Investment plans to complete the fundraising by the end of this year and will begin investing in 2023.