IL&FS Investment Managers, the publicly listed private equity arm of Indian finance company Infrastructure Leasing & Financial Services, has raised $895 million for its second real estate fund.
The India Real Estate Fund II exceeded its original target of $750 million. The fund held its first close in December 2007 at $578 million, according to Reuters.
The fund will target residential and commercial real estate, retail, redevelopment and hospitality sectors in India.
Capital commitments came from US pension funds, two sovereign wealth funds and university endowments, IL&FS chief executive, Archana Hingorani, said in the report.
Hingorani added that IL&FS was also about to make a first close on the Standard Chartered IL&FS Asia Infrastructure Growth Fund, launched earlier this year. The fund is targeting overall capital commitments of $800 million.
IL&FS Investment Managers currently has more than $1.9 billion under management.