Realty firm launches equity fund
Members of a real-estate brokerage firm are coming up with a Rs 60 crore private equity fund which will focus on industrial and commercial real-estate projects at Ahmedabad and Surat in Gujarat, official sources said. The Purple Elephant Realty Fund is promoted by the Parikh Real Estate Group which is largely into real-estate brokerage and advisory business. “The proposed fund will be focusing on early state investments in key commercial and industrial projects in Gujarat,” said CEO Anup Shah while talking about the new fund which is “open” for investments in the cities of Pune, Mumbai and Bangalore.
“We are currently looking at the best developer partners to invest,” Shah said about the close-ended fund which is looking to provide an ambitious 20-25 percent return to investors in 24-36 months. The official said that about three investors have already signed agreements to park Rs 10 crore in this fund which is an Alternate Investment Fund (Category-II).