The managing partner of Mumbai-based private equity real estate firm Milestone Capital Advisors, Nitin Goel, is leaving the firm to join Edelweiss Alternative Asset Advisors.
Goel told PERE that he will be responsible for driving domestic fundraising and deployment efforts for the Mumbai-based alternatives asset manager as it expands its fund management platform in the country. He will start his new role by end of this month.
Goel’s departure from Milestone comes after his three-year association with the firm. He joined Milestone as partner and was elevated to the position of a managing partner for real estate investments last year.
Goel has over 18 years of experience in real estate private equity investments, project finance and business strategy. He has previously worked with AIG Global Real Estate as co-fund manager and with ICICI Bank as national head, origination and client relationships in the real estate finance team.
Milestone Capital is understood to be looking at alternative options for Goel’s replacement. The firm may elevate a senior partner to the role or hire someone from the industry.
Edelweiss Alternative Asset Advisors, the investment advisory arm of the Mumbai-based Edelweiss Financial Services, has been investing in structured credit deals from its balance sheet since many years but it now bolstering its fund management operations.
Late last year, the firm launched its maiden credit-focused offshore real estate fund in India with a $1 billion target. The fund is currently being marketed to institutional investors and high-net-worth investors across Asia, Europe and the US and the capital raised will be deployed in structured credit deals with mid-sized developers for residential projects in Mumbai, Delhi, Chennai, Bangalore and Pune.