ICICI Pru to raise up to ₹2,000 crore for fresh real estate fund
ICICI Prudential Asset Management Co. is aiming to float its sixth residential real estate fund, two people told VCCircle, seeking anonymity.
The joint venture of ICICI Bank and the UK’s Prudential Plc is seeking to float a credit fund with a corpus of ₹2,000 crore ($270 million), including a greenshoe option, they said.
“The company had applied for a licence last quarter and is expecting approval this quarter. It will kick off active fundraising after approval. Talks have been on with existing and new investors for soft commitments,” one of the two people persons said.
The second person said that the fund will invest in projects across top Indian cities. “For the fundraise, it will tap institutional investors and high net worth individuals in India and abroad,” he added.
The people said it will formally launch the fund within the next two to three months.
The AMC did not respond to VCCircle’s queries till press time. As per its website, the AMC has raised five funds for residential projects with a cumulative corpus of over ₹3,000 crore. It has so far raised one fund for commercial real estate.
Since it started investing in real estate in 2007, it has managed over ₹3,900 crore across 65 projects, and has made 40 exits to realise ₹4,000 crore, according to its website.
The AMC’s realty business had last raised a fund in 2015.
The development comes at a time when the realty market saw a string of funds focusing on the residential segment.