Mt. K Kapital has raised over Rs 500 crore (about $60 million) for its maiden fund from marquee investors such as SBI, ICICI Bank, and Famy Care, besides high networth individuals, per an announcement.
A category II AIF registered with the Indian capital market regulator, Mt. K Resi Development Fund has already raked in over Rs 300 crore of the targeted corpus and has committed the amount to five real estate projects in some of Mumbai’s prime locations.
The fund is now exercising its green shoe option and is targeting to hit the final close shortly.
Mt. K Kapital targets quick turnaround residential projects with low equity investments and gives investors a share of project profits from redevelopment assets across Mumbai.
In total, Mt. K Resi Development Fund, an ESG Impact Development Fund, plans to invest in 10-12 projects, focusing on redevelopment with the Rustomjee Group, a prominent property developer and builder in Mumbai.
“It is an exciting time to invest in real estate… We believe that our structure will offer value to investors looking to capitalise on the growth of real estate as an asset class,” said Boman Irani, Chairman & Managing Director of Rustomjee Group.
Meanwhile, Binitha Dalal, Founder and Managing Partner at Mt. K Kapital added: “The current performance of our investments and the selection of strategic locations for our projects have reaffirmed our investment thesis. We are evaluating a robust pipeline of similar projects along with deal sizes between Rs 60-90 crore to strengthen our portfolio.”
