EAAA Alternatives raises Rs 2,500 crore through multi-strategy real assets fund

Alternative asset manager EAAA Alternatives has raised over Rs 2,500 crore through the final close of its multi-strategy real assets fund, making it the first such diversified platform in India’s domestic alternative investment space.

The Infrastructure and Real Assets Fund, a Category II Alternative Investment Fund (AIF), has a base corpus of Rs 1,000 crore and a green shoe option of Rs 1,500 crore.

The fund will be deployed across a diversified set of real asset segments, including energy, transport, warehousing, and structured transactions such as private infrastructure investment trusts (InvITs), making it a multi-strategy platform.

EAAA Alternatives’ strategy for the fund will focus on assets with proven operating models that offer predictable cash flows, supported by strong counterparties and long-term contracts or concession arrangements.

“We have focused on building products that reflect growing investor requirements for long term yield and income. With infrastructure funds, commercial real estate fund, energy transition fund and now the multi-strategy real assets fund, the effort has been to raise patient capital and create portfolios that offer diversification, steady and predictable returns in the long term,” said Subahoo Chordia, CEO, EAAA Alternatives.

The fund is expected to make between seven and 10 investments over a deployment horizon of three to four years. It is positioned as a medium-risk strategy and is designed to offer diversification across asset classes as well as asset life cycles.

Returns are expected to be generated through a combination of annual yield distributions and capital gains on exit. The new fund is targeting a gross IRR in the range of 18% to 20%. The strategy builds on the performance of its Infrastructure Yield Plus series, which is tracking at a gross internal rate of return of around 20%.

The fund will leverage EAAA’s in-house operational expertise to drive asset-level value creation, with an emphasis on deep operational engagement, use of technology, and adherence to high standards of environmental and social risk management.

This fund adds to EAAA Alternatives’ expanding real assets platform that invests in transportation, energy and commercial real estate assets characterised by low counterparty risk and long residual tenures.

As of September end, the real assets business managed seven active funds and one infrastructure investment trust, with aggregate assets under management of around Rs 22,000 crore.

EAAA has also sponsored Citius Transnet Investment Trust, a transport-focused infrastructure investment trust that has filed its draft offer document with the capital market regulator. The trust has been established to acquire, manage, and invest in a portfolio of transport infrastructure assets, including roads, across India.

The real assets portfolio has expanded to more than 30 assets from four assets in 2021. The Infrastructure Yield Plus fund series remains the firm’s largest strategy. The first fund closed in 2020 raising around Rs 3,280 crore and is currently in the process of exiting its investments. Infrastructure Yield Plus II raised around Rs 8,800 crore and closed in 2024.

EAAA has also closed a commercial real estate fund with commitments of around Rs 4,200 crore in 2025, focused on Bengaluru, Gurugram, Pune, Mumbai, Chennai and Hyderabad.

In addition, the Energy Transition Fund announced its first close in October 2025 and is targeting Rs 4,500 crore, having raised around Rs 1,450 crore so far, including a commitment of around Rs 550 crore from EIB Global, the development arm of the European Investment Bank.