Arka Investment Advisory Services Private Limited (AIASPL) on Wednesday launched its second real estate fund with a target corpus of $60 million (Rs 500 crore).
Rohan Builders, a real estate and engineering, procurement and construction (EPC player), has joined as the operating partner for the fund through its financial Services arm, Hreem, said a statement from Arka.
The second alternative investment fund – Arka Hreem Real Estate Opportunities Fund – will focus on tier 1 cities and invest with grade A developer partners. It is managed by AIASPL and sponsored by Arka Financial Holdings Pvt Ltd – the financial services platform backed by Kirloskar Oil Engines Limited.
Arka Hreem Fund is focused on bringing in investments in the residential sector in India. The Fund’s first scheme – Arka Hreem Real Estate Opportunities Fund I (Arka Hreem Fund) has a target size of Rs 500 crore and a green shoe of Rs 250 crore with a focus on residential real estate opportunities in India.
“Our engagement with Arka Investment Advisory on the Arka Hreem Fund is a strategic move to leverage our deep industry expertise, strong execution capability and extensive network in the real estate sector,” said Suhas Lunkad, Chairman & Managing Director of Rohan Builders.
Pune-headquartered Rohan Builders has operations across India. The company has a team of over 2,000 professionals and claims to have delivered over 30 million square feet across the country.