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Private fund Milestone Capital Advisors (MCA) has said it has so far raised around Rs 150 crore from Indian HNIs for its latest fund offering and expects to achieve the target of Rs 500 crore by April.
The new Opportunities Fund, its 10th fund, has a tenure of 3.5 years, and will invest in mid- and upper mid-segment residential projects in the NCR, Mumbai, Pune, Chennai and Bangalore.
“We have a commitment of Rs 150 crore so far,” Navin Kumar, Executive Director, MCA said, adding that the company was targeting an IRR of 22-24 per cent. Billed as an AIF 2 fund, the minimum investment size is Rs 1 crore.
The fund will deploy 70 per cent of the money in debt while the remaining could be in equity, both through an operating partnership model with vetted developers, Alok Aggarwal, managing partner and CEO, real estate said. Not more than 12 per cent will be deployed in any one project he added.
With two funds due to mature this year, and one closed so far, MCA will have seven operating funds by end-2015.
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