Poddar Keventer Capital Advisors, backed by the Saroj Poddar Group and Keventer Group, has launched a secured real estate debt fund targeting a corpus of ₹400 crore for projects in Delhi-NCR and West Bengal, with an option to raise the size to ₹600 crore.
The Poddar Keventer Real Estate Fund – Scheme I is a Category II Alternative Investment Fund (AIF), according to a statement issued by the investment management platform. The fund will provide structured financing to selected ultra-luxury, premium and mid-market real estate developments.
The fund has a ₹200 crore greenshoe option, allowing its target corpus to be expanded beyond the initial ₹400 crore. The sponsors have committed ₹80 crore, or 20 per cent of the target corpus, to the fund.
The platform said the fund will pursue a secured debt strategy, using security cover, escrow arrangements, covenant safeguards, milestone-linked drawdowns and continuous monitoring. It has set a target gross internal rate of return of 18-22 per cent before expenses.
The launch marks the first AIF by a real estate developer from West Bengal, according to the statement. The platform combines the institutional capabilities of the Saroj Poddar Group, described in the statement as a $3 billion diversified business conglomerate, with Keventer Group’s real estate development and execution experience.
Mayank Jalan, chairman and managing director of Keventer Group, said the two target markets offered opportunities supported by changing consumer aspirations, infrastructure-led development and demand for quality real estate. He added that disciplined capital deployment and execution were necessary to convert those opportunities into sustainable value.
Akshay Poddar, promoter of the Saroj Poddar Group, said the expansion of India’s AIF ecosystem was increasing the role of alternative capital in supporting growth opportunities, with real estate emerging as a key investment destination. He also pointed to the evolution of the regulatory framework, including recent Securities and Exchange Board of India measures relating to scheme launches, governance and fund lifecycle management.
The fund’s investment approach is designed to finance projects where the underlying development fundamentals, the promoter’s capability and the project’s cash flows support structured lending, the platform said. Gaurav Agarwala, head of operations at Poddar Keventer, said due diligence, suitable security structures and ongoing monitoring would remain central to capital deployment.
The fund’s stated geography places Delhi-NCR and West Bengal at the centre of its investment activity. Its structure also indicates a focus on secured project finance rather than direct acquisition of real estate assets, with disbursements linked to project milestones and protections built into the lending arrangements.
The platform did not disclose the individual projects under consideration, the expected deployment schedule or the proposed allocation between Delhi-NCR and West Bengal in the statement. The immediate next step will be the fund’s capital mobilisation and evaluation of eligible real estate projects under its stated investment framework.
