Between Kotak, Shapoorji and HDFC, fund managers have raised $700 million from investors
After a long wait, realty fund managers such as Kotak Realty Fund and the Shapoorji Pallonji realty fund have raised fresh funds from major global investors.
He added Canada Pension Plan (CPP), the $183-billion pension fund, has committed investment of $200 million (Rs 1,200 crore) in the $500-million realty fund of Shapoorji Pallonji Investment Advisors, part of the Shapoorji Pallonji group, promoted by billionaire Pallonji Mistry.
When contacted, a senior Kotak Realty Fund executive declined to comment on the matter; a mail to ADIA did not elicit a response. While senior Shapoorji Pallonji Investment Advisors executives declined to comment on the matter, a mail to CPP didn’t elicit a response.
“It is great that both the fund managers raised funds despite tough market conditions,” said an executive involved in the fund-raising.
Recently, the $500-million offshore realty fund floated by HDFC Property Fund, a unit of mortgage lender HDFC, secured a commitment of $200 million from the Government of Singapore Investment Corp, investment firm Temasek and Oman’s State General Reserve Fund, according to a recent Reuters report.
Between Kotak, Shapoorji Pallonji and HDFC, fund managers have raised $700 million from investors. Earlier, the three funds had found it challenging to raise funds, said the executive quoted earlier.