India Infoline gathers $117m for Indiareit-managed property fund


real estate2_lrgFinancial Services business India Infoline’s wealth management arm has raised about INR7.35bn ($117.3m) for a new property fund.

Piramal Investments’ real estate unit Indiareit will manage the new vehicle according to India Infoline, which will have the option to co-invest another INR5bn rupees.

India Infoline is currently investing from its INR7bn IIFL Domestic Series I fund.

The fund aims to invest INR400m to INR800m in between 11 and 12 deals to diversify risk.

In late 2012 India Infoline was given permission to launch a trio of investment funds by the country’s securities and exchange board.

The firm planned to launch IIFL Private Equity Fund, IIFL Venture Fund and IIFL Opportunities Fund, taking the tally of Alternative Investment Funds (AIF) registered with the Securities and Exchange Board of India to 12.

IIFL runs a host of financial products including equity and derivatives, commodities, wealth management and insurance.

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