West Bengal’s Keventer, Saroj Poddar groups launch ₹400-cr real estate debt fund
Fund to focus on projects in Delhi-NCR and West Bengal
The Kolkata-based Keventer Group and Saroj Poddar Group have collaborated to establish a ₹400-crore Category II Alternative Investment Fund (AIF) named Poddar Keventer Real Estate Fund – Scheme I. This marks the first real estate-focused fund by a West Bengal developer. The fund aims to have a total corpus of ₹400 crore, with the flexibility to increase up to ₹600 crore via a ₹200 crore greenshoe option.
The Poddar Keventer Real Estate Fund – Scheme I will employ a secured real estate debt strategy, targeting projects in the Delhi-NCR and West Bengal regions. The fund is designed to achieve a gross internal rate of return (IRR) of 18-22 percent before accounting for expenses. The sponsors have pledged ₹80 crore, constituting 20 percent of the target corpus, reflecting their confidence in the venture.
The primary focus of this fund is to provide structured financing to select real estate projects across various segments, including ultra-luxury, premium, and mid-market. This strategic alliance brings together the real estate and business acumen of both the Keventer Group and Saroj Poddar Group, with the objective of capitalizing on opportunities in two prominent real estate markets.
The Poddar Keventer Real Estate Fund – Scheme I is structured to capitalize on secured debt financing, rather than direct equity investment in projects.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
