MUMBAI Jan 29 IIFL Private Wealth, the wealth
management arm of financial services company India Infoline
has raised about 7.35 billion rupees ($117.3 million)
to invest in the property sector, the Mumbai-based firm said on
Indiareit, the real estate private equity arm of Piramal
Enterprises will manage the fund, India Infoline said
in a statement.
The fund will have an option to co-invest another 5 billion
rupees, it said.
This would be a closed ended fund with four-year tenure and
an 18 month deployment period, the company said. The fund will
target gross returns in the range of 22-24 percent and an equity
commitment of 500 million rupees to 750 million rupees per
U.S. private equity giant Carlyle Group holds a 9.73
percent stake in India Infoline.
($1 = 62.6550 rupees)
(Reporting by Indulal PM; Editing by Anand Basu)