This will be the second round of fund-raising for the Bangalore-headquartered entity’s maiden fund, ‘India Realty Fund I’. Initially, Azure had plans to raise a fund with total corpus of Rs 350 crore, plus an overallotment option of Rs 150 crore, but investor apathy towards first-time funds led it to go for the first closure at Rs 50 crore last year.
The fund manager also has plans to launch a $150 million to $200 million (Rs 980 crore) offshore fund early next year to invest in residential and warehousing projects in the country, according to K Madhusudan, its co-chief investment officer.