Real estate veteran Rajesh Jaggi has joined Everstone Capital Partners as a managing partner while the firm readies the launch of its second Indospace fund, Sameer Sain, founder and managing partner of Everstone told PERE's sister publication, PE Asia.
Jaggi was formally managing director of Peninsula Realty Fund and head of Peninsula Facility Management Services in India.
While the firm is bringing the new logistics fund to market, Sain said he has been brought in by Everstone to manage and sell parts of the firm’s real estate portfolio.
Also Sain said he and fellow managing partner Atul Kapur would remain mostly focused on Everstone’s private equity business.
Everstone recently fully committed its three real estate vehicles. It is currently developing 20 million square feet of land in India, according to Sain. “[Jaggi’s] primary objective will be to sell our existing assets over a period of time. He has a very good track record of selling assets, specifically shopping malls.”
The firm has not only invested in real estate but also develops land in India. “If you look across all our real estate funds, given the sheer quantum of what we have to develop and as we raise more capital for our strategies that have been in place for six or seven years, we needed to bring in someone at the senior lever who is an expert in this particular field,” Sain said. “It is so specialised, and given such the significant volume, that we need someone with that skill set.”
Everstone's second Indospace fund is currently being discussed with existing investors, but a private placement memorandum has not yet been drafted, Sain explained. The fund will be the “same size or slightly bigger” than Everstone’s previous $250 million Indospace fund and will come to market only if existing investors don’t commit the entire value of the fund.