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Motilal Oswal and Raamdeo Agrawal, founders of Motilal Oswal Financial Services Limited (MOFSL), built a successful financial services business based on the core principles of knowledge and long-term investing philosophy. MOFSL owes the success of its stock broking business to the partnership-led business model, which has unleashed the entrepreneurial spirit in its most admired franchisee network.

The two partners visualised that small and mid-cap companies would be significant beneficiaries of India’s rapidly unraveling growth story. They realised that the private equity business will facilitate risk capital to such firms and will allow them to share their experience of building MOFSL to mentor budding entrepreneurs in shaping their business dreams. Motilal Oswal Private Equity (MOPE) was thus founded in 2006 with the vision of partnering high potential mid-market companies.

Vishal Tulsyan came on board as the founding CEO. Under his leadership, MOPE has raised three growth capital funds [India Business Excellence Fund-I (IBEF-I), India Business Excellence Fund-II (IBEF-II)] and India Business Excellence Fund-III (IBEF-III)] and four real estate funds [India Realty Excellence Fund (IREF), India Realty Excellence Fund II (IREF II), India Realty Excellence Fund III (IREF III)] and [India Realty Excellence Fund IV (IREF IV) to invest in real estate projects across India.

  • Motilal Oswal Private Equity manages

      Motilal Oswal Private Equity (MOPE) was founded in 2006 to put the investment philosophy and acumen of Motilal Oswal Financial Services (MOFSL) into action. From the outset, MOPE’s focus was the mid-market segment, where there was an acute need of capital, and where the MOFSL brand had significant leverage. In keeping with the entrepreneurial approach and partnership philosophy, Vishal Tulsyan was brought in as the founding CEO. Vishal has built a team that reflects the time-tested organizational ethos of MOFSL. Over the years, he has played a pivotal role in charting out a successful road map for MOPE through his organization-building skills, robust network and a keen understanding of strategic and financial aspects of the business. Within eight years, MOPE is managing and/or advising funds, with a combined corpus of nearly $400 million across private equity and real estate.

    • $125 million (INR 550 crores) India Business Excellence Fund - I

      A sector agnostic private equity fund aimed at providing growth capital to mid-market enterprises in India. The fund makes investments typically in the range of $5 million to $ 15 million. Till date, the fund has made exits in 8 out of 13 portfolio companies.

    • $155 million (INR 950 crores) India Business Excellence Fund - II

      A sector agnostic private equity fund aimed at providing growth capital to Indian mid-market companies. The fund intends investments typically in the range of $8 million to $15 million. The fund has already made 11 investments till date and has deployed more than 90% of the capital.

      • $320 million (INR 2,300 crores) India Business Excellence Fund – III

      A sector agnostic private equity fund aimed at providing growth capital to Indian mid-market companies. The fund intends investments typically in the range of $8 million to $15 million. The fund has already made 4 investments till date and has deployed ~39% of the capital.

    • Real Estate Funds

      Three real estate funds focused on investing primarily in residential projects in tier-1 cities in India.

  • Motilal Oswal Real Estate Overview

      Motilal Oswal Real Estate (MORE) is a 100% subsidiary of MOPE. With expertise across all investment structures – structured equity, mezzanine and debt, asset under management under MORE currently stands at Rs. 2,000 Crs. Various funds currently managed by MORE are:

    • India Realty Excellence Fund (IREF)

      Rs. 200 Crs pure equity fund. Capital has been fully deployed and fund currently is under exit mode

    • India Realty Excellence Fund II (IREF II)

      Rs. 500 Crs mezzanine focused fund. Capital has been fully deployed. Fund has already returned 27% of the capital, within commitment period itself, till December 2016.

    • India Realty Excellence Fund III (IREF III)

      This fund has been launched recently with a target to raise ~ Rs. 1,250 Crs. It shall focus on deploying capital across residential projects across top 6 cities in India. The Fund has already raised more than Rs. 900 Crs and is in the process of raising balance capital. IREF III has also started investing capital from this fund and has till date made seven investments and has deployed ~ Rs. 450 Crs.

    • India Realty Excellence Fund IV (IREF IV)

      This fund has been launched recently with a target to raise ~ Rs. 1,000 Crs. It shall focus on deploying capital across residential projects across top 6 cities in India. The Fund has already raised more than ~Rs. 700 Crs and is in the process of raising balance capital. IREF IV has also started investing capital from this fund and has till date made four investments and has deployed ~ Rs. 253 Crs.

    • PMS / Prop Funds

      Primarily, senior secured pure debt investments with established developers for residential projects across top 6 cities in India.


    • MORE currently has an Investment Team of 8 people and an Asset Management Team of 4 people with strong educational qualifications coupled with diversified experience of private equity, investment banking, corporate finance & asset management. Within the asset management team, there are separate verticals – technical, finance and legal to ensure all round compliance and effective monitoring of the investments.

      Over the years, MORE has been consistently able to enhance value to investors due to proactive investment strategy, covering growth, risk mitigation and financial engineering.

  • Investment Approach

    • Deal Sourcing

      Strong deal sourcing network built through vast cumulative experience in the real estate sector

      Proactive generation of deal-flow through in-house sources; eliminating the dependency on intermediaries

    • Deal Evaluation

      Exhaustive legal, technical and commercial due diligence

      Investment of significant time and energy to understand developers and forge continuing partnerships

    • Approval from Investment Committee (IC)

      Hands-on involvement of IC and Investment Team in deal evaluation and decision-making process

    • Structuring

      Strategy to undertake mezzanine investments which shall provide downside protection and threshold return

    • Selectively, undertake structured equity transactions with established developers across India 

    • Deal Closure

      Milestone based payments to ensure accountability and enhanced control

      Back-ended promote to project partners, ensuring performance and fulfillment of financial commitment

    • Post Investment

      Active participation rather than simple monitoring of projects

    • Imparting best practices to partners, helping them build scaleable models