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IREF III Funds Overview

India Realty Excellence Fund IV

  • Fund Size : INR 1,200 Crore
  • Focus : Residential Real Estate projects in Indian Metros
  • Average Ticket Size : INR 80 – 120 Crore
  • Status : Active

India Realty Excellence Fund IV (IREF IV) is the latest fund offering by MORE with a target to raise Rs. 1,500 Crs. The fund is focused on investing in Tier 1 cities majorly into residential focus with established developers in the affordable / mid-income housing segment. The fund aims to generate superior returns through structured equity / debt transactions accompanied with significant downside protection mechanisms. The fund is currently in the process of fundraising and soon to announce its initial closing. 

The Fund will seek to raise monies from Indian and overseas investors (subject to obtaining necessary regulatory approvals) including but not limited to financial institutions, pension funds, family offices, estates, public sector banks, insurance companies, high net worth individuals, non-resident Indians (NRIs), trusts, partnerships, limited liability partnerships, body corporates,  corporates, Hindu Undivided Families, a Government body (Central or State) or an agency or instrumentality thereof and any other person permitted by law.

Investment Strategy

  • City Strategy:

    Fund shall primarily undertake investments in top 6 cities of India - MMR, Delhi NCR, Bangalore, Pune, Chennai and Hyderabad. 

  • Project Strategy:

    Investment shall largely be in residential projects which are self-liquidating in nature with majority of the transactions at land acquisition stage or pre-approval stage.

  • Developer Strategy:

    The fund would invest with established and credible developers who have demonstrated good past track record, superior execution capability and strong sales expertise.

  • Investment Structure Strategy:

    The fund shall undertake structured equity / mezzanine investments and. Fund plans to undertake structured equity transactions with established reputed developers in each micro market. Focus shall be to invest in mid-income housing residential projects with reasonable approval certainty. In case of mezzanine investments, structure shall be regular fixed coupon along with equity kicker in form of inventory or revenue share in the project.

Investment Snapshot as on 30th June 2019

Sr. No.Investment DateDeveloperLocationCommitted Amount (in Rs. Cr.)Current Status
1 Oct-18 Casa Grand Chennai 107 Invested
2 Dec-18 Ashoka Hyderabad 30 Invested
3 Dec-18 Radiance Chennai 46 Invested
4 Jan-18 BU Bhandari Pune 70 Invested
5 May-19 Casagrand Chennai 83 Invested
6 Jun-19 Phoenix Hyderabad 81 Invested