MUMBAI, Jan 29 (Reuters) - 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 Wednesday.
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 transaction.
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)