IIFL, the wealth management unit of India Infoline, has reportedly raised an INR7.35 billion (US$117.17 million) realty fund.
Indiareit Fund Advisors, the private equity fund of Piramal Enterprises, will be acting as the investment advisor for the IIFL Income Opportunities Fund – Series ‘Special Situations’, according to The Economic Times.
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"This is a first for us in the domestic market wherein we have agreed to act as an advisor to the IIFL Income Opportunities Fund," the publication quoted Indiareit managing director Khushri Jijina as saying.
IIFL has an option to invest an additional INR5 billion in the fund because of an option to co-invest under the fund, an IIFL spokesperson told the publication.
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