Samara closes first India fund on $100m

The Mumbai-based private equity real estate firm is considering a second fund after closing its first fund, jointly launched with UK fund manager Catalyst Capital. The fund is invested in seven deals in India, including residential and warehouse developments.

Samsara Capital has closed its first fund on $99.3 million investing in real estate in western and southern India.

The Mumbai-based private equity real estate firm, run by former Starwood Capital executive Sachin Shah, launched the fund, Catalyst Samsara India Opportunity Fund, jointly with London-based Catalyst Capital targeting $130 million.

Speaking to PERE, Shah said the fund closed on $99.3 million after needing to limit investments by pension funds. The fund is now invested in seven deals across Western and Southern India and alongside co-investments of $65 million.

Samsara’s first deal was a $22 million investment in a Mumbai slum redevelopment project, rehousing 2,000 families. The firm’s second deal was an entity level investment with engineering construction company, IDEB Projects.

Other deals include investments in Golden Tulip Hotels, a mid-market Indian hotel platform, in India, residential developments in Chennai and Vijayawada, Andhra Pradesh, and a warehouse facility development in Mumbai.

According to people familiar with the matter, Samsara is also considering a second fund to be launched in 2009, targeting up to $450 million. Shah declined to comment on the second fund.