Godrej Fund Management (GFM), the investment platform of the Mumbai-headquartered real estate developer Godrej Properties, has altered its leadership structure, PERE has learned.
Pirojsha Godrej, managing director and chief executive officer of Godrej Properties, will now assume the role of chairman at GFM. Karan Bolaria has been elevated to the role of chief executive officer of GFM to drive its strategy, operations and growth.
Bolaria, who has been with Godrej Properties for the past nine years across different leadership roles, led the effort to build out the GFM franchise. Prior to the launch of GFM, Bolaria was heading fund management and capital strategy functions within Godrej Properties.
Godrej Properties established the separate real estate fund management subsidiary in an ambitious move to expand its offshore capital raising capabilities early last year.
“Godrej Fund Management’s differentiated positioning allows it to leverage the development capabilities of GPL while providing quality investment management services to institutional capital, thereby being uniquely placed to take advantage of the vast strategic opportunities this model can access. After having worked under Pirojsha’s guidance for the past nine years to build the GFM franchise, I am very much looking forward to taking on the new role and taking GFM to the next level,” Bolaria told PERE.
GFM, with operations in both India and Singapore, has approximately $500 million in equity under management. In March last year, GFP formed a $275 million residential property development program with the Dutch pension asset manager APG Asset Management as the lead investor. GRIP II, in which APG has close to 50 percent interest, is bigger in size than its predecessor GRIP I that closed on $200 million in 2012. GFM is responsible for managing GRIP I and II.