## KEY TAKEAWAYS
- The Kolkata-based Keventer Group and Saroj Poddar Group have launched the Poddar Keventer Real Estate Fund - Scheme I, a Category II Alternative Investment Fund (AIF) with a target corpus of Rs 400 crore (approximately $41.4 million).
- A Rs 200 crore greenshoe option could lift the total corpus to Rs 600 crore, according to the sponsors.
- The fund will provide secured real estate debt rather than direct equity, targeting projects in Delhi-NCR and West Bengal, with a gross IRR target of 18-22% before expenses.
- The sponsors have committed Rs 80 crore, or 20% of the target corpus, which they cite as alignment with investors.
- The launch is described as the first Category II AIF by a real estate developer from West Bengal.
## DETAILED SUMMARY
The Kolkata-based Keventer Group and Saroj Poddar Group have jointly launched the Poddar Keventer Real Estate Fund - Scheme I, a Category II Alternative Investment Fund (AIF) focused on secured real estate debt. According to the sponsors, the fund has a target corpus of Rs 400 crore, or roughly $41.4 million, with an additional Rs 200 crore greenshoe option that could bring the total to Rs 600 crore. Industry coverage notes that the launch is the first Category II AIF by a real estate developer from West Bengal. The vehicle is managed through Poddar Keventer Capital Advisors.
The fund will deploy capital as structured financing to select real estate projects across ultra-luxury, premium and mid-market segments, concentrating on Delhi-NCR and West Bengal. Its strategy centres on secured debt rather than direct equity investment in projects. The fund is targeting a gross internal rate of return of 18-22% before expenses, according to the sponsors. Some publisher reports cite a gross IRR target of 18%, which is consistent with the lower end of the sponsors' stated range.
The sponsors have committed Rs 80 crore, equal to 20% of the target corpus. They say this demonstrates alignment with investors. The initiative combines the real estate and business interests of the two groups, which the sponsors describe as bringing together their respective platforms in two major real estate markets.
