Coworking firm BHIVE to launch ₹400 crore alternative investment fund

livemint.com:

₹400 crore alternate investment fund (AIF) to acquire commercial real estate. BHIVE launched its new co-working-focused ₹400 crore CAT-2 AIF, the firm said in a statement. The newly launched fund will acquire commercial real estate properties at prime locations with clear titles and occupancy certificates.

Also Read: WeWork says cancelled memberships and sustain losses making it difficult to do business The new fund will provide venues to High Net-worth Individuals (HNIs) and family-owned businesses finding opportunities to enter into the commercial real estate growth story with a minimum investment of ₹1 crore. Talking about its current AIF fund worth ₹400 crore, BHIVE said that it will wind up its current AIF. It was launched last year but the firm couldn't operationalise it till now.

Also read: Nikhil Kamath backed fintech BHIVE Alts to cross ₹100 cr AUM in months of ops "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," Sheshagiri Rao Paplikar, Founder & CEO of the BHIVE Group, said. Also Read: WeWork warns of bankruptcy; share price crashes 38% to near zero for a valuation of just $260 million BHIVE Group also expressed his confidence on the tremendous opportunities offered by the co-working sector.