Lehman Brothers will launch a dedicated India real estate fund by the end of this year, the investment bank’s India country head told Mint, a Delhi-based finance publication owned by the Hindustan Times.
Tarun Jotwani, chairman and chief executive of Lehman Brothers India, said that Lehman has so far invested about $2 billion in India, and will use this experience to raise its first dedicated fund in the country. The fund will be a companion to the firm’s Global Real Estate Fund. Lehman’s Global Real Estate Group recently moved its operating headquarters to Singapore from Bangkok, and it reportedly has plans to double its team there to 12 from the current six employees. Lehman Brothers’ global real estate group has about $7.3 billion of property investments in Asia.
Jotwani told the paper that the fund would be large enough to give Lehman ‘significant firepower’ but small enough to be flexible.
Last week an industry source revealed to PERE that the Lehman Brothers’ merchant banking arm is raising a $1 billion (€627 million) infrastructure fund, its first foray into the booming sector.
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