IDFC Alternatives raises Rs 750-crore realty fund

BANGALORE: IDFC Alternatives, a wholly-owned subsidiary of IDFC Ltd, raised its first fund of Rs 750 crore focused on the residential sector in India.

The maiden real-estate fund, called the IDFC Real Estate Yield Fund, will invest Rs 60-80 crore and will target gross returns of 22%. The four-year (extendable by one year) close-ended private equity fund will invest in projects across six cities. "This is our first real estate fund and we feel confident about its performance," said MK Sinha, managing partner & chief executive officer, IDFC Alternatives.

IDFC Alternatives raised the money from domestic investors within a span of 10 weeks.