Altern Capital launches maiden real estate fund;Targets ₹250 Crore Fund
Altern Capital, an investment management company specialising in real estate investments, launched its maiden SEBI-approved Category II Alternative Investment Fund (AIF) named JIRAAF AU INDIA REAL ESTATE FUND - I (“JIREF I”). The target size of this fund is ₹250 Cr, with an additional greenshoe option of ₹100 Cr
- (1888PressRelease) July 17, 2024 - Altern Capital, an investment management company specialising in real estate investments, launched its maiden SEBI-approved Category II Alternative Investment Fund (AIF) named JIRAAF AU INDIA REAL ESTATE FUND - I (“JIREF I”). The target size of this fund is ₹250 Cr, with an additional greenshoe option of ₹100 Cr. AI Growth Private Limited, founded by Mr. Saurav Ghosh and Mr. Vineet Agrawal and market leader in tech-based innovative fixed-income platforms through its brands “JIRAAF & ALTGRAAF”, is the sponsor of JIREF I.
Navin Dhanuka, the founder of Altern Capital, brings extensive leadership experience spanning 21 years in real estate investments across India. Mr. Dhanuka has held leadership positions in prominent global and Indian firms such as Piramal Capital, Walton Street Capital, and Ernst & Young.
Altern Capital has been built on a robust foundation, with the senior team being led by individuals who collectively possess over 60 years of real estate experience. Their combined experience includes successful investment and management of over 150 real estate deals above ₹20,000 Cr across Pan India and over 100 successful exits. With an extensive knowledge of the market and a commendable track record, Altern Capital is poised to exert a significant influence on the real estate sector.
Altern Capital’s core strategy for their maiden fund is plotted development and last-mile funding. The fund's strategic focus is on reducing approval and execution risk, setting it apart from its peers. The Fund’s tenor is 4 years, as opposed to the typical 6-year horizon, emphasizing early project completion, quicker visibility, and reliability of principal and returns for investors.
“Our goal at Altern Capital is to redefine real estate investment by ensuring tech-based stringent investment and post-investment monitoring and delivering exceptional risk-adjusted returns for our investors. Trust, Team Quality and Transparency are the key foundations of Altern Capital. We believe our innovative approach will set new benchmarks in the industry,” said Navin Dhanuka, Founder & CEO of Altern Capital.
The team anticipates significant deployment in plotted development across cities such as Bengaluru, Chennai, Hyderabad and Mysuru. This will be trailed by last-mile funding initiatives in Bengaluru, Mumbai, Pune and Chennai. There is a strong growing demand and quicker sales (even at the launch stage) for plotted development in Bengaluru and Mysuru This has resulted in significant interest in plotted development from all Grade A developers, including listed players, as witnessed in the last 3-4 years.
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