IL&FS Milestone Fund to invest Rs 150 cr this fiscal

MUMBAI: Realty-focused private equity firm IL&FS Milestone Fund plans to invest around Rs 150 crore in the current financial year.

"The fund house is planning to invest around Rs 150 crore this fiscal and is currently evaluating a couple of properties in Bangalore, Mumbai and New Delhi among others," sources told PTI here.

The fund house could not be reached for comment. These investment plans are being proposed at a time when the promoters of Milestone Capital are looking out to divest their stake in the firm.

"It has no relationship with the proposed exit of the promoters. It is part of the mandate of the fund house to invest in rental properties when the valuations are attractive," he said.

IL&FS Milestone Fund is a joint venture between IL&FS and Milestone Capital.

Both IL&FS Milestone Fund I (Rs 525 crore) and IL&FS Milestone Fund II (Rs 525 crore) have the mandate to invest in commercial office spaces and IT&ITes parks.

"Out of the two funds, around Rs 150 crore is yet to be invested from the second fund, which is likely to be committed in the current financial year," another source said.

He, however, added that any further raising of money would depend on the sale of promoters' stake.

"Further fund raising will depend on the stake sale by the present promoters and the subsequent entry of new stakeholders," he said.

IL&FS Milestone Fund, which focuses on sound rental yielding commercial properties, has taken exposure in commercial properties in Mumbai, Kolkata, Pune, Chennai and Bangalore along with few mid-segment residential properties.