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Puravankara arm receives Rs 2 bn commitments from investors

2022-07-25

Purva Asset Management Pvt Ltd, a subsidiary of real estate firm Puravankara, has received commitments of around Rs 2 billion from investors, marking the first close of its maiden alternative investment fund (AIF-II), launched with a target corpus of Rs 7.50 billion. domestic ultra-high net worth individuals and family offices form the bulk of the initial commitment.

"The target is to raise the entire corpus for the fund by September 2022. The fund will create a significant pool of capital via the AIF route for growth by creating a win-win scenario for investors and Puravankara," said Ashish Puravankara, managing director of Puravankara.

The Category II AIF Purva Real Estate Fund, which recently got the 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 plotted and residential developments under the ‘Purva Land’ and ‘Provident’ brands across – Bangalore, Pune, Chennai, Hyderabad, and the Mumbai Metropolitan Region. It will also invest in 6-8 mid-sized projects of Provident Housing. Puravankara is a sponsor of the fund, and the two parties will co-invest in projects and acquire land parcels.