Global currency and alternative investments company Millenium Asset Management is planning to invest $1 billion (€685,000) in real estate and infrastructure across India, according Millenium managing director Abhijeet Bhalla.
Millenium is raising its second Millenium Spire fund, which is taking investment from non-Indian LPs throughout Asia, Europe and North America. The fund is targeting both residential and commercial space, targeting the latter mostly in the IT and knowledge sectors. The fund will have a key focus on South India, particularly on the city of Coumbatore. The new fund will be run out of Delhi and Singapore and will be headed by Aashish Bhalla and Ahbijeet Bhalla. Abhijeet has 17 years of operational experience, primarily in the areas of building turnkey businesses in new markets, process re-engineering and sales and distribution management. Ashish is an urban planner and development professional who has worked in the United States, Italy, Southeast Asia and India.
The fund follows the first Millenium Spire fund, which was a globally-focused fund launched in May 2006 and closing the following year on $21 million. That fund has now been fully invested.
“It made sense to do a pilot fund to demonstrate Millennium Spire's unique model and get a track record running, which has given us the traction to accelerate the strategy itself,” said Abhijeet Bhalla.
Millennium Global Investments Limited was created in 1994 and is independently owned. In addition to niche alternative asset management, it also focuses on currency management. The company has seventy experienced professionals in six offices across Europe, the US and Asia.
The company is not planning to invest in land, but it will fund infrastructure development projects on partnership basis in addition to the residential and commercial development opportunities. The Fund has a target internal rate of return in excess of 25 percent over its five year lifespan. Millennium Spire has a secondary focus on opportunistic commercial and retail development.