Former colleague
Few argue with India’s growth story even with the global economic downturn. But despite the favourable bigger picture, private equity real estate firms have been none too active over the past couple of years as investors wait on the sidelines for the capital currently at work in the system to complete a raft of full-circle exits.
Naturally the best firms with the best connected individuals are most likely to be the ones pushing such exits through when the time comes and Singapore’s $300 billion-plus sovereign wealth fund GIC is seemingly keen to ensure it too has such individuals, starting with Kishore Gotety, its newly-appointed head of India for real estate. 
He can easily open doors for them in India. He opened them for us at RREEF. Kishore’s relationships in India will compliment an organisation like that with a great name and capital to invest
Gotety was plucked from Deutsche Bank’s alternative investment and asset management division RREEF earlier this summer. GIC confirmed the appointment but would comment no further.
However, PERE spoke with a former colleague of Gotety from his time at RREEF who described the market veteran as a “door opener” and his appointment by GIC as symbolic of a “long-term view of investing in India”.
He said: “He can easily open doors for them in India. He opened them for us at RREEF. Kishore’s relationships in India will compliment an organisation like that with a great name and capital to invest.”
GIC, which said in its 2008/2009 annual report that it had increased its exposure to real estate from 10 percent to 12 percent as part of a wider increase in alternative investments, has already invested in India albeit indirectly.
In July it picked up a 36 percent position in a $325 million joint venture investment fund focused on Indian hotels. Its partners in the fund were Accor, the hotel operator and InterGlobe, an Indian travel company, both of which acquired 32 percent positions.
GIC’s ability to pick up entity positions like this should become further enhanced by Gotety’s arrival if a glance over his time at RREEF is anything to go by. Just months after joining from ICICI Venture Funds Management, where he managed a $550 million real estate fund, he closed a $70 million investment in Bangalore with Hyderbad developer Golden Gate Properties.
While further investments in India for RREEF became increasingly scarce as the firm migrated away from southeast Asia to concentrate on China, Korea and Japan, GIC – a powerhouse investor across Asia – is keen to keep its focus wide. Gogety’s very appointment should testify to that.
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