The money has been raised primarily from high net worth individuals (HNIs) and family offices. At present, the cumulative assets under management under MORE stands at more than Rs 3,600 crore.
IREF IV's strategy is an extension of the investment strategy of MORE's earlier two funds (IREF II and IREF III). The fund plans to deploy the capital in mid-income and affordable residential projects and selectively, in commercial projects across the top six cities in India.
MORE has already committed Rs 550 crore across nine investments in Chennai, Pune, Hyderabad and Ahmedabad from this IREF IV fund.
MORE is part of Motilal Oswal Private Equity (MOPE), which is the alternative investments platform of Motilal Oswal Group. The cumulative AUM under MOPE is more than Rs 7,000 crore.
"With IREF IV, we have adequate dry powder to make new investments," said MORE's Director and CEO Sharad Mittal.
"However, considering the global outbreak of COVID-19 and its impact, we will maintain a cautious approach towards new investment commitments. At this point in time, our priority would be to focus on managing our existing portfolio," he said in a statement.
( With inputs from ANI )