The venture capital arm of IL&FS has announced that in its second real estate fund it has mobilised $895m (nearly Rs 4,500 crore).
This is more than the initial mobilisation target of $750 million and far ahead of the $525 million it got in its first real estate fund. Its first fund was closed in April 2006, during the middle of the five-year long bull rally which had started in 2003.
The mobilisation also made the fund, IL&FS India Realty Fund-II (IIRF2), one of the largest funds dedicated to the Indian real estate sector, a release from IL&FS said. The fund had its first close about a year ago and has already invested $200 million in four projects.
The Times of India