Triveda closes first round of realty fund

economictimes.indiatimes.com:

Triveda Capital, a Sebi-registered alternative investment fund (AIF) which aims to raise ₹250 crore, has reached a first-close of ₹80 crore, said Ravindra Pai, managing director of Century Real Estate Holdings and partner at the newly launched fund. The investment was led by Ranjan Pai, chairman of the Manipal Education and Medical Group.

The maiden fund targets an asset under management of $1 billion over the next five years. Of the total fund size, Century Real Estate Holdings' family office has committed 15%. «We have identified the first investment of a 30-acre plotted development project near the airport. We will invest in in-house under-construction and third-party plotted development projects,» said Ravindra Pai.

Triveda Capital is raising a ₹200-crore AIF fund to invest in plotted development projects, with a ₹50 crore green shoe option.

A category II AIF, Bangalore Opportunity focuses on plotted development and residential assets in major south Indian metropolitan areas. «The fund targets an asset under management of $1 billion over the next five years. We will invest ₹15 crore-₹50 crore per project with end-to-end project life cycles of three years and are targeting an IRR of 18%-21,» he said.

The fund, which has a tenure of five years, already has a pipeline of two plotted transaction deals in Bengaluru.