Piramal to launch realty equity fund worth $250 million

According to a report, the financial services arm of Piramal Enterprises, Piramal Fund Management has entered into a partnership with a pension fund to undertake equity investments in residential projects by means of PE worth $250 million. The report however did not mention the name of the partner in the deal.

In 2014, Piramal Enterprises had got into a strategic alliance with Canada Pension Plan Investment Board to set up a $500 million finance company to offer rupee debt financing to residential realty projects in major cities like Mumbai, Delhi NCR, Chennai, Pune and Bangalore.

In the first phase of its new programme, Piramal Fund Management plans to consign Rs 15,000 crore where it aims to pre-sanction funding limits for its selected existing tier I developer partners to pursue acquisitions.