SBICAP Ventures achieves first closure of 'stress fund'

SBICAP Ventures, an alternative asset manager, has achieved first closure of its Special Window for Affordable and Mid-Income Housing Fund (SWAMIH) Investment Fund I at Rs 10,530 crore. The fund has attracted interest from investors such as government of India, State Bank of India, LIC, HDFC and all major public sector banks. The Government of India has committed a fund infusion of up to Rs 10,000 crores in the Special Window and further investments will be brought in through institutional and private investors to generate a total corpus of Rs 25,000 crore, SBICAP said in a statement. This category II Alternate Investment Fund (AIF) has been formed under the Special Window for Affordable and Mid-Income Housing as announced by the Finance Minister Nirmala Sitharaman on September 14. The fund aims to last-mile financing to enable completion of construction of stalled housing projects. This scheme was approved by the cabinet on November 2. According to government’s estimated around 4.58 lakh stalled housing units in India. The fund aims to provide senior capital for last mile funding to complete construction of housing projects. The government of India is the Sponsor while SBICAP Ventures is the investment manager to this fund.