Sundaram Alternates Assets plans to raise $135 million for green real estate projects in India
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Sundaram Alternates Assets (SAA), the private equity division of the Sundaram Finance Group, said that it aims to secure approximately $135 million (₹1,000 crore) from international investors. The funds will be allocated to support green real estate projects across India.
The @SundaramAlt dream team participating in the @PmsBazaar conference in dubai today !
— Vikaas M Sachdeva (@vikaasmsachdeva) February 17, 2024
Great melting pot of the best minds in the business…great insights overall !#Permataga#DAIS pic.twitter.com/IwPVhOAz57
“This move reflects our commitment to build on our track record, depth of underwriting and risk management skills in the ever-evolving landscape of the Indian real estate credit market,” Sundaram Alternates Assets Managing Director Vikaas M Sachdeva told PTI on the sidelines of the Dubai Alternative Investment Summit.
“In the past year, SAA has not only re-engineered its high-yield credit funds to generate real alpha from its performing credit business but has also adopted a robust ESG and climate impact framework as a significant investor initiative,” he said.
Also read: China poised for accelerated green bond issuance in 2024, surpassing the global market
“We are expecting to close the fund (Series IV real estate credit fund) at between ₹1,000-1,200 crore to fund green real estate projects,” SAA director (alternative credit) Karthik Athreya said. “A lot of investors in the GCC region, North America, and Southeast Asia have shown keen interest in the fund,” he stated.
Sharing the record, Athreya said the firm has raised and deployed about ₹3,000 crore in its private credit business over the last 5-6 years. “Past funds have consistently delivered 18-20 per cent portfolio returns and are currently generating about 17 per cent gross investor returns,” he said.
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