BlackSoil Realty Fund invests Rs 30 crore in Sheth Developers

MUMBAI: Private equity player BlackSoil Realty Investment Advisors has made its maiden investment of Rs 30 crore in the city-based Sheth Developers.

BlackSoil Realty Fund, promoted by Shashi Kiran Shetty, chairman and managing director of Allcargo Logistics, and Navneet Education managing director Gnanesh Gala, has made its first investment of Rs 30 crore out of its initial fund of Rs 129 crore through a mezzanine structure, a release issued by the PE firm said today.

"This investment in Sheth Developers will act as proof of our focus and strategy and help us to raise further funds for our other deals through co-investment structure," BlackSoil managing partner Mohinder Bansal said.

The fund will invest in overall 5-6 deals with an average transaction size of around 20-40 crores each, he said.

"The fund has its focus on the Mumbai, Navi Mumbai and Thane real estate market and has built in a co-investment structure to aid its investors to take bigger selective bets," he said.

BlackSoil's debut fund recently did its initial closing at Rs 129 crore and plans to invest the residual amount within the next one and a half year.

Sheth Developers has presence in both commercial as well as residential segments and has projects spread across central and western suburbs of Mumbai.