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Motilal Oswal Real Estate (MORE) on Thursday announced the first close of India Realty Excellence Fund V (IREF V), its fifth real estate fund.The fund launched with a target corpus of Rs 800 crore received commitments aggregating Rs 650 crore. Till date, MORE through its real estate funds and PMS/NCD investments has funded 89 projects via 68 investments and successfully exited 33 investments.With IREF V, MORE's cumulative AUM is now over Rs 4,400 crore, the company said in a statement.IREF V will focus on providing senior secured debt in post-approval projects. The fund plans to deploy the capital in mid-income and affordable residential projects across the top seven cities in India while selectively investing in commercial projects.IREF V will undertake 12 to 15 transactions over its entire fund life. It has been raised from high net worth individuals (HNIs) and family offices.MORE is a part of Motilal Oswal Private Equity (MOPE), the alternative investments platform of Motilal Oswal Financial Services Ltd. The cumulative AUM under MOPE is more than Rs 7,500 crore.Vishal Tulsyan, Managing Director and CEO of MOPE, said the realty sector is currently at an inflection point."With this fund, our cumulative private equity AUM has crossed one billion dollars and real estate forms a key part of that AUM. We will continue to strengthen our position by capitalising on such diverse opportunities over years to come."( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Vishal tulsyan, Latest News

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