Hyderabad-based real estate and infrastructure developer Meenakshi Group on Monday said it has launched its debut investment vehicle with a corpus of Rs 700 crore ($82 million) to invest in real estate opportunities across India’s top-tier cities.
Structured as a SEBI-registered Category II Alternative Investment Fund (AIF), the fund adopts a hybrid strategy with a mix of debt and equity exposure. The target corpus includes a Rs 350-crore greenshoe option.
The Meenakshi Group has committed up to 20% of the fund’s size as sponsor capital, the firm said in a statement.
The firm said it will make six to eight investments over a six-year horizon, with a typical cheque size of up to Rs 70 crore, targeting tier-I developers and market leaders operating in high-potential micro-markets.
“We are seeing strong early interest and are actively evaluating investment opportunities. Currently, we have three potential deals under due diligence and have secured soft commitments from the Meenakshi Group, its wider network, and early backers,” said Mahesh Katragadda, CEO of Meenakshi Alternates.
Katragadda added that the new platform intends to leverage Meenakshi Group’s long-standing real estate experience to offer institutional-grade, well-structured financial products.
“We aim to build long-term trust, deliver consistent returns, and optimise capital deployment into high-quality opportunities,” he said.
Founded in Hyderabad, Meenakshi Group operates across real estate, renewable energy, and infrastructure. To date, it claims to have delivered over 13 million square feet of commercial and residential real estate, with another 9.5 million square feet under development.
The launch of Meenakshi Alternates comes amid rising interest in real estate-focused AIFs in India. Earlier this year, ASK Property Fund and India Sotheby’s International Realty launched a Rs 1,000-crore equity fund for luxury residential projects.
Just last month, Prime Offices Fund (PRIME), managed by Nuvama and Cushman & Wakefield, made its first acquisition by purchasing Prius Platinum, a Grade A office property in Delhi’s Saket District Centre, for about Rs 750 crore.
According to an April report by Anarock cited in The Economic Times, the real estate sector accounted for the largest share (15%) of cumulative net AIF investments in India, with Rs 73,903 crore deployed in real estate out of Rs 5,06,196 crore across all sectors.
