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Jones Lang LaSalle (JLL) India’s private equity subsidiary, Segregated Funds Group, today announced final closing of its maiden real estate fund in India. The fund, Residential Opportunities Fund – I (ROF – I), raised at Rs 160.75 crore.
ROF-I is a six-year, close-ended private equity fund, which targets around 25% returns. The first closing of the fund was announced in June 2013 after it raised Rs 101 crore.
A significant portion of the capital has been raised from a combination of high networth individuals (HNIs), institutional investors and family offices. ROF – I was registered with the Securities Exchange Board of India (Sebi) under the new Alternate Investment Funds (AIF) regulations.
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The Segregated Funds Group is an entity setup by JLL to raise a series of funds with investment themes for the Indian real estate market. It aims to offer HNIs and institutions long term value-added returns through high quality proprietary real estate investment opportunities.
ROF – I aims to invest in small residential projects in prominent locations across seven cities in India, namely Delhi NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Kolkata, Hyderabad and Pune.
Axis Bank acted as the placement agent for Scheme ROF – I.
According to research firm Venture Intelligence, six real estate-focused funds raised around Rs. 2,418.4 crore ($388 million) in 2013, down from the previous year when eight such funds raised about Rs. 7,978.2 crore ($1.29 billion).
