Catalyst Samsara will next year launch its long-awaited follow-up vehicle to its Catalyst Samsara India Opportunity Fund I targeting up to $250 million in equity from investors.
PERE spoke with Sachin Shah, the founder of Samsara Capital, which teamed up with London-based Catalyst Capital, to raise just under $100 million for the first vehicle last year, about the joint venture’s plans. The full interview can be found in the PERE Yearbook 2009.
No official launch date has been set for the follow-up, which was initially slated to target up to $450 million, but it is expected to come to market next year. Investor fatigue towards Indian real estate in general, led to the partners shelving the plan early this year.
Shah pointed to an improved market following this year’s Indian elections in May. He said: “The swing has been so great from the top to the bottom and now it is coming back quite rapidly. That has left some people confused in terms of where the market is headed. But…with India there has been a latent demand.”
“In fund I we were focused on the middle to upper tier residential sector in most of our projects. We will now be more focused on affordable residential assets in tier one cities,” he said.
In the interview, Shah discussed other matters, such as the mood in Indian real estate investing, realistic return expectations in today’s market, club structures and new real estate regulations in India. He also imparted his predictions on India’s real estate landscape in five years time.
Samsara Capital was formed in 2006. The firm has 10 staff and $180 million of equity under management.