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.