Saffron Asset Advisors, a private equity firm based in Mumbai and London, has signed up an anchor investor for its $500 million (€317 million) real estate fund.
Saffron managing director Ajoy Veer Kapoor told Reuters news agency that the firm has signed up Scotland-based financial institution Standard Life as an anchor investor. Kapoor said Standard Life will invest $75 million in the fund.
The vehicle will have a timeframe of eight years, and will invest in development projects across India. It is expected to close by the second quarter of the financial year.
Saffron is mostly known to European investors through its earlier fund, a €220 million Euronext-listed fund called Yatra Capital that invests in the Indian real estate market.
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