HDFC Capital Advisors looks to raise $1 billion in affordable housing fund

In talks with Abu Dhabi Investment Authority, NIIF

After raising over $1 billion for its affordable funds earlier, HDFC Capital Advisors — the property fund management company of HDFC — could raise a similar amount for its third affordable housing fund, said sources familiar with the issue.

The fund manager is in talks with the Abu Dhabi Investment Authority (ADIA) to raise funds, said sources, adding India’s National Investment and Infrastructure Fund (NIIF) could also put fresh money into the fund.

HDFC Capital Advisors guides HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) and H-CARE 2, in which the ADIA is an anchor investor. The NIIF last