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Mumbai: HDFC Capitalreal estate private equity arm hdfc groupon Monday achieved an initial close of $376 million in its second plan for its third fund.
The latest fund raising is the third by HDFC Capital’s affordable real estate fund (h-care 3) And is a wholly owned subsidiary of the primary investor in H-Care plans abu dhabi investment authority ,adia), HDFC said in a statement.
Since its launch in 2016, the fund has raised US$3.1 billion in funding across its schemes, making it one of the world’s largest private finance platforms focused on the development of affordable housing.
The fund will provide flexible funding for longer duration in the life cycle of affordable and middle income housing projects including early stage funding. In addition, it will also invest in companies engaged in the affordable housing ecosystem like construction technology, fintech, sustainability-tech, etc.
HDFC Capital aims to finance 1 million affordable homes through a combination of funding, partnerships and technology with a focus on sustainability.
HDFC Capital Managing Director Vipul Roongta said HDFC is the sponsor of the fund, while HDFC Capital is the investment manager of the schemes.
HDFC Capital has been a pioneer in investing in affordable and mid-income housing projects. With the support of leading global investors like ADIA and partnering with credible developers, HDFC Capital is on track to achieve its medium-term target of funding 1 million affordable homes in the country, HDFC Chairman Deepak Parekh said.
Mohammed Al Qubaisi, Executive Director, Real Estate Department at ADIA, said, “Our latest investment in the H-Care platform aims to support its growth as it continues to meet the growing demand for early-stage funding of housing projects in India Is.”
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