Washington State Investment Board backed fund exits Rs 550 crore investment in Noida’s Dasnac group

New Delhi: Kautilya Finance, a direct real estate investment platform backed by the Washington State Investment Board (WSIB), and managed by Netherlands-based Aevitas Property Partners, has exited its NCD investment in New Delhi-based real-estate developer Dasnac, realising Rs 550 crore in aggregate cash proceeds, according to Dasnac’s corporate filings.

Washington State Investment Board (WSIB) is a U.S. public pension investment institution that manages retirement and other institutional funds for state of Washington beneficiaries.

The exit, completed during FY26, represents aggregate cash realisation of principal and interest from investments made across multiple financial years through both the Foreign Portfolio Investor (FPI) and Alternative Investment Fund (AIF) routes.


Dasnac had raised Rs 420 crore between 2017 and 2014 and the fund is fully repaid now.

The investment relationship dates to 2017, when KautilyaFinance BV, the Netherlands-based FPI, took an initial exposure of Rs 201 crore in BSE-listed non-convertible debentures issued by E-Homes Infrastructure Private Limited (EHIPL), a Dasnac group special-purpose vehicle.

The platform subsequently made follow-on investments and realisationsthrough both listed and unlisted NCDs, including investments through dedicated AIF in India, Kautilya Real Estate Fund.

The capital was deployed as part of Kautilya’s housing investment strategy in India, with investments supporting Dasnac’s residential development portfolio, including Dasnac The Jewel of Noida, Dasnac Burj Noida and Dasnac Westminster, located in Noida.

The aggregate cash realisation of more than Rs 550 crore comprises cumulative principal repayments and contractual interest from the investment portfolio.

The investment structure represents the deployment of WSIB’s direct real-estate investment strategy in India through AevitasProperty Partners and the Kautilya platform, with investments made through FPI and AIF structures into Dasnac’s projects.

Dasnac and Aevitas have also subsequently held preliminary discussions on equity participation in Dasnac; however, no equity transaction between the parties has been finalised to date.

Dasnac is currently developing over 2 million s ft across several projects in Noida across residential, retail, office, student housing and hospitality segments with a revenue potential of over Rs 4,000 crore.