Build Nivesh Raises Rs 40 cr for Mumbai Real Estate AIF

New Delhi, Nov 12 (PTI) Build Nivesh LLP on Tuesday said it has raised Rs 40 crore in its maiden real estate alternate investment fund.

In a statement, the company announced the final closure of its maiden real estate AIF (alternate investment fund).

"The company has reported robust investor interest evidenced by it exercising 100 per cent of the green-shoe option.

"The fund has marked its final close with a total corpus of Rs 40 crore along with commitments of Rs 40 crore from its investors for add-on investment opportunities thereby augmenting the total investible corpus," it said.

The fund will look for investment opportunities in real estate developments happening in the Mumbai Metropolitan Region (MMR).

"Build Nivesh will form part of our larger Real Estate Asset Management business currently being incubated under the BUILD brand. The fund plans to partner with Labdhi Lifestyle Limited to invest in four to five projects, focusing exclusively on the Mumbai Metropolitan Region (MMR) by acquiring significant minority stakes," Kuldeep Jain, CEO and Co-Founder of Build Capital, said.