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IREF II Funds Overview

India Realty Excellence Fund II (IREF II)

  • Year of Launch : 2013
  • Corpus : INR 500 Crore
  • Focus : Residential projects in top cities of India
  • Number of Investments : 14
  • Investments Exited : 7 full exits & 1 partial exit out of 14 investments

India Realty Excellence Fund II (IREF II) was the second domestic scheme launched by MORE. The fund, with mezzanine structure in mind, shall focus on real estate development, predominantly investing in Tier 1 cities with a residential focus. The fund closed in March 2015.

The fund is fully raised, closed, deployed and is currently in the process of exiting its investments. The fund’s exits are based on self-liquidation or through repayment of fixed IRRs by the developer to the fund.

With the right execution of strategy and processes, IREF II has secured six full exits and one partial exit at healthy IRRs.  

As on March 31, 2018 the Fund has already returned 45% of the capital to the investors.

Investment Strategy

  • Focus on residential projects at established locations
  • Partnering with established developers across top Indian cities for their mid-income residential projects
  • 1st Fund to undertake mezzanine investments when others’ were focusing on fixed coupon post approval projects
  • Able to identify the shift in goal post from “Approval Risk” to “Sales Risk”

Investment Snapshot as on 31st December 2018

Sr. No. Investment Date Project Location Committed Amount (in Rs. Cr.)Current Status
1 January 2014 Ahuja Developers
Mumbai 86 Exited        
2 March 2014 Mahaveer Developers Bangalore 40 Exited
3 December 2014 Shriram Properties Bangalore 67 Exited
4 March 2015 Casa Grande Chennai 58 Exited
5 April 2015 Mahaveer Developers Bangalore 22 Exited
6 April 2015 Rajesh Lifespaces
Mumbai 41 Invested
7 May 2015 ATS Housing Noida 72 Exited
8 December 2015 Skylark Mansions Bangalore 56 Exited
9 March 2016 Kolte Patil Pune 18 Invested
10 August 2016 Casa Grande Chennai 77 Exited
11 November 2016 Casa Grande Chennai 22 Invested
12 January 2017 Casa Grande Chennai 32 Invested
13 July 2017 ATS Infrastructure Gurugram 43 Invested
14 October 2017 Gardencity Realty Mangadu 40 Invested