Meenakshi Alternates launches Rs 700 cr realty AIF
Hyderabad: Realty and clean energy player Meenakshi Group, which recently set up its new financial services arm, Meenakshi Alternates, has launched its debut alternate investments fund (AIF), Meenakshi Real Assets Fund (MRAF), for investments in real estate across top markets in India.
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Opting for a hybrid investment strategy, the Sebi-approved Category II AIF is targeting a mix of debt and equity investments with a total corpus of ₹700 crore (including a ₹350 crore greenshoe option). The Hyderabad-based Meenakshi Group committed up to 20% of the fund size as sponsor capital.
The fund, which has a six-year horizon, is targeting six to eight high-end deals with an eye on self-liquidating real estate assets offering consistent cash flows and equity upside.
The fund plans to allocate capital to Tier-1 developers, market leaders, and key players in high-potential micro-markets within real estate asset classes, with individual investments of up to ₹70 crore per transaction.
"Securing the AIF license marks a significant milestone for us. Currently, we have three potential deals under due diligence, and we secured soft commitments from the Meenakshi Group, its network, and early investors," said Mahesh Katragadda, CEO, Meenakshi Alternates.
The Hyderabad-based group developed 13 million sq ft of real estate so far and has another 9.5 million sq ft in the pipeline. It also has 371 MW power projects and developed over 650 km of highways.
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