Financial services firm SMC Global Securities Ltd and IM+ Capitals Ltd, part of REPL, have launched their maiden $75 million fund to tap opportunities in India’s real estate market, according to a statement.
The fund, christened SMC IM+ Realty Fund, will have a green shoe option of up to $75 million. It expects commitments from domestic and international individual investors, institutional investors, banks and HNIs.
“After a thorough market research on demand for homes, we sensed the need for affordable mid-segment housing is at a peak. Hence, to cater to this segment, we launched SMC IM+ Realty fund, which will invest in affordable homes,” said Abhimanyu Londhe, CEO & head of Investments, SMC & IM Capitals Investment Manager LLP.
The fund will also concentrate on investing against under construction residential and commercial units at deep discounts and generate a fixed interest coupon, it said in the statement.
SMC Global and IM+ Capitals are the principal sponsors of the fund. The fund will be forming an investment committee that will consist of investors.
SMC IM+ Realty Fund is registered with markets regulator SEBI and is open for domestic and international individual investors, banks, HNIs and institutional investors. It will be focusing on affordable mid-segment housing sector across key Indian cities primarily in Mumbai, Pune and Bangalore in Phase I followed by other cities.
SMC Global, a diversified financial services company, has over $500 million of assets under management and IM+ Capitals Ltd is an engineering consulting company.
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