Motilal Oswal hits first close of second domestic realty fund at $36M

The Aurum Perspective – Mezzanine capital from domestic realty funds towards India’s real estate sector keeps investor interest alive.

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It targets to raise Rs 500 crore, including a green-shoe option to invest through mezzanine debt deals.

Motilal Oswal Real Estate (MORE), the real estate arm of Motilal Oswal Private Equity, has made the first close of its second real estate dedicated private equity fund at Rs 225 crore ($36 million), the company announced. The fund is looking to raise Rs 500 crore, including a green-shoe option of Rs 200 crore.

VCCircle was the first to report in December that the fund is planning to mark its first close at around Rs 200 crore.

The fund called the India Realty Excellence Fund II LLP was launched in November 2013 and it aims to capitalise on the opportunities by focusing on mezzanine debt transactions, which provide regular income through fixed coupon and a subsequent project link upside. It is targeting an IRR of 25 per cent.

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