BENGALURU: Triveda Capital, a Sebi-registered alternative investment fund (AIF), has successfully raised Rs 80 crore in the initial closing of its debut real estate fund. The first round of funding is part of a larger goal to accumulate Rs 250 crore, with a strategic target to reach $1 billion in assets under management (AUM) over the next five years.
The fund’s inaugural closing was notably backed by the chairman of the Manipal Education and Medical Group, while Century Real Estate Holdings’ family office has committed 15% of the total fund size. This substantial backing reflects strong confidence in the fund’s strategy and potential.
Triveda Capital’s maiden fund, focusing on plotted development and residential assets in major South Indian metropolitan areas, has already identified its first investment. The project involves a 30-acre plotted development located near a key airport, marking a strategic entry into the sector. The fund plans to allocate capital to both in-house under-construction projects and third-party developments. The Rs 200-crore AIF fund, with an additional Rs 50 crore green shoe option, aims to deliver significant returns by investing between Rs15 crore and Rs50 crore per project. The fund is targeting an internal rate of return (IRR) of 18%-21% and expects to manage projects over a three-year lifecycle. The fund’s strategy includes a diverse pipeline, already featuring two plotted transactions in Bengaluru.
As a Category II AIF, the Bangalore Opportunity Fund is poised to play a crucial role in the growing real estate market in South India. The five-year tenure of the fund aligns with its strategic objectives, focusing on maximising returns through targeted investments in high-potential development projects. Triveda Capital’s early success in raising Rs 80 crore sets a solid foundation for its ambitious goals, positioning it well for future growth and further investment opportunities in the rapidly evolving real estate landscape.
