IIFL Asset Management has held the first close of its co-investment fund, India Housing Fund 2, at INR10 billion ($141.4 million; €126.6 million).
The fund has a fundraising target of INR20 billion ($282.8 million; €253.2 million) and will invest alongside with Piramal Group in late-stage real estate projects across tier 1 cities in India.
As of November 2019, IIFL Asset Management has raised a total of $1 billion across its real estate funds.