Altern Capital Launches Maiden Real Estate Fund; Targets ₹250 Crore Fund

Bengaluru, 16th July 2024: Altern Capital, an investment management company specializing in real estate investments, has announced the launch of its maiden SEBI-approved Category II Alternative Investment Fund (AIF) named JIRAAF AU INDIA REAL ESTATE FUND – I (“JIREF I”). The target size of this fund is ₹250 Cr, with an additional greenshoe option of ₹100 Cr. The sponsor of JIREF I is AI Growth Private Limited, founded by Mr. Saurav Ghosh and Mr. Vineet Agrawal, market leaders in tech-based innovative fixed-income platforms through their brands “JIRAAF & ALTGRAAF”.

Navin Dhanuka, the founder of Altern Capital, brings over 21 years of leadership experience in real estate investments across India. With a background in prominent global and Indian firms such as Piramal Capital, Walton Street Capital, and Ernst & Young, Mr. Dhanuka is well-equipped to lead Altern Capital to success.

The senior team at Altern Capital collectively possesses over 60 years of real estate experience, with a track record of successful investment and management of over 150 real estate deals above ₹20,000 Cr across Pan India and over 100 successful exits. The company’s core strategy for their maiden fund focuses on plotted development and last-mile funding, aiming to reduce approval and execution risk and provide early project completion for investors.

“Our goal at Altern Capital is to redefine real estate investment by ensuring tech-based stringent investment and post-investment monitoring and delivering exceptional risk-adjusted returns for our investors. Trust, Team Quality, and Transparency are the key foundations of Altern Capital. We believe our innovative approach will set new benchmarks in the industry,” said Navin Dhanuka, Founder & CEO of Altern Capital.

The team anticipates significant deployment in plotted development across cities such as Bengaluru, Chennai, Hyderabad, and Mysuru, followed by last-mile funding initiatives in Bengaluru, Mumbai, Pune, and Chennai. The growing demand and quicker sales for plotted development in Bengaluru and Mysuru have attracted interest from Grade A developers, including listed players, in the last few years.

With a strong foundation and a strategic focus on reducing risk and ensuring early project completion, Altern Capital is poised to make a significant impact on the real estate sector with its maiden fund.