India-focused private equity real estate firm Red Fort Capital has made two senior hires in recent weeks in the areas of capital raising and asset management as it hits the fundraising trail for two $500 million funds, including India’s first private core fund.
Just this week, Sourav Goswami came on board as a principal for capital markets and investor relations, and he will be responsible for capital raising across all Red Fort’s investment platforms, according to the firm. Prior to joining Red Fort, Goswami served as manager director and country head of Walton Street India Real Estate Advisors for eight years, where he made several investments out of the firm’s global funds.
Goswami said he was particularly attracted by the early investments the firm made in office developments, which have now become seed assets for the firm’s new core platform. “It’s a unique position to be in, especially with investors looking for yield as they are,” he said.
Last month, Red Fort also added Vishal Goel as a vice president of the firm’s core portfolio. Goel most recently was managing director and country head for India for New York-listed Alexandria REIT, where he was responsible for asset acquisition, development, leasing and asset management for the India region.
“We are excited about the recent additions to our senior team as we look forward to a period of growth and expansion for the firm,” said Subhash Bedi, Red Fort co-founder and managing director. “[Goswami]’s nearly two decades of experience and relationships with investors and top Indian developers will be a valuable addition to our firm.”
Late last year, Bala Bellur and Jasmeet Chhabra also joined the firm as principals, to focus on building out the firm’s core portfolio and asset management, respectively. Bellur joined from Deloitte & Touche, where he had been a partner for almost 20 years, and Chhabra joined from Red Fort’s competitor IndiaREIT, where he served as the firm’s chief investment officer.
These hires come just as Red Fort has hit the fundraising trail for a potentially $500 million core fund for India. PERE broke the news of its plans to retain certain of its income-generating commercial properties following consultations with its investors.
Meanwhile, Red Fort also is raising its third opportunistic fund focused on residential development projects, which is expected to target between $500 million and $750 million of equity commitments.
Red Fort would not comment on the progress of these funds, but it is understood that first closes are expected in the next few months.