Construction Industry News
Purva Asset Management Pvt Ltd, a subsidiary of real estate company Puravankara, has received pledges of approximately Rs 2 billion from investors, which is the first close of its first alternative investment fund (AIF-II), launched with a target corpus of Rs 7.50 billion. domestic high net worth individuals and family offices make up the bulk of the initial commitment.
“The goal is to bring together the entire corpus for the fund by September 2022. The fund will create a significant pool of capital for growth through the AIF route by creating a win-win scenario for investors and Puravankara,” said Ashish Puravankara, general manager director of Puravankara.
The Category II AIF Purva Real Estate Fund, which has recently received mandatory approval from the Securities and Exchange Board of India, will be managed by Purva Asset Management. The first fund scheme is called 'Purva Residential Excellence Fund-1'.
The fund will invest in a mix of planned and residential developments under the 'Purva Land' and 'Provident' brands in Bangalore, Pune, Chennai, Hyderabad and the Mumbai metropolitan region. It will also invest in 6-8 medium-sized projects of Provident Housing. Puravankara is a sponsor of the fund and the two parties will jointly invest in projects and acquire land plots.
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