ICICI Pru to Raise Up To Rs 2,000 Cr for Fresh Realty Fund

ICICI Prudential Asset Management Co. is aiming to float its sixth residential real estate fund. The joint venture of ICICI Bank and the UK’s Prudential Plc is seeking to float a credit fund with a corpus of ?2,000 crore ($270 million), including a greenshoe option. The development comes at a time when the realty market saw a string of funds focusing on the residential segment. Sandeep Bakshi, CEO of ICICI Prudential Life ICICI Prudential Asset Management Co. is aiming to float its sixth residential real estate fund. The company had applied for a licence last quarter and is expecting approval this quarter. It will kick off active fundraising after approval. Talks have been on with existing and new investors for soft commitments. The fund will invest in projects across top Indian cities. “For the fund raise it will tap institutional investors and high net worth individuals in India and abroad. It will formally launch the fund within the next two to three months. The AMC has raised five funds for residential projects with a cumulative corpus of over ?3,000 crore. It has so far raised one fund for commercial real estate. Since it started investing in real estate in 2007, it has managed over ?3,900 crore across 65 projects, and has made 40 exits to realise ?4,000 crore, according to its website. The AMC’s realty business had last raised a fund in 2015. The development comes at a time when the realty market saw a string of funds focusing on the residential segment.