BHIVE to raise Rs 400 crore coworking-focused AIF CAT-2 fund

economictimes.indiatimes.com:

coworking firm BHIVE plans to raise Rs 400 crore coworking-focused CAT-2 alternative investment fund (AIF) to fuel its growth. The proposed new fund will acquire fully completed commercial real estate properties at prime locations with clear titles and occupancy certificates and a capex of a set. Over the past year, BHIVE has solidified its position as the largest co-working operator in Bengaluru, closing transactions upwards of Rs 200 crore.

“There has been exponential growth in the number of AIFs in India. Unlike a decade ago, when offshore investors were funding India’s AIFs, the expanding pool of domestic investors is helping them grow today. We see a tremendous opportunity in this segment and will go aggressive with our plans as we embark on the next growth phase of the organisation,” said Sheshagiri Rao Paplikar, Founder & CEO of the BHIVE.

The company has also said that it will wind up its current AIF fund, which Sandeep Gupta was managing. This transition marks Gupta's decision to pursue new opportunities outside BHIVE. Despite his departure, BHIVE emphasises that there will be no disruption to its investment trajectory or impact on its current portfolio., as the current AIF has not yet been operational..

“Change is inherent in the investment landscape. Our team, fortified by expertise and dedication, is committed to delivering optimum results and upholding our investors' trust in us,” said Paplikar. The new fund will offer a unique opportunity to High Net-worth Individuals (HNIs) and family-owned businesses looking to participate in the commercial real estate growth story with a minimum investment of Rs one crore.