Though sources put
the fund size at about Rs. 1,500 crore
Mr. Milind Barve, MD,
HDFC AMC, Said, ''The company has not yet decided the total corpus to be
raised. We are already exiting our investments with good returns. We believe
the performance of the previous fund to be strong. Now, we are well positioned
to launch a new fund”
HDFC AMC had last
raised a Rs. 3,500 crore real estate fund and is already exiting its
investments from that fund.
Barve said , '' The
AMC will launch a smaller sized fund without specifying why, in the sector
though sources say most fund managers are likely to go for smaller-sized funds,
due to falling appetite from investors for real estate investors. Though the
AMC had raised funds through portfolio management services (PMS), this time, it
is raising funds under the new alternative investment fund (AIF) guidelines of
the Securities and Exchange Board of India (SEBI). We have applied to SEBI
under the new guidelines & are awaiting approval”
According to a main
executive with a fund management company, HDFC has applied for approvals under
Category - II, which means the funds are not meant for investments in
infrastructure, social sectors &
hedge funds. “They have specifically applied for real estate,” the
executive said. The fund manager can invest in debt & equity instruments
under Category - II funds.
According to sources,
Reliance Asset Management & Motilal Oswal Financial Services have also
applied for Category - II funds from market requlator SEBI.
“There is no channel
available to raise funds now. All fund managers have to go under alternative
investment fund guidelines of SEBI. You can not do PMS or VCF (venture capital
funds) structures anymore,” said the chief executive of a fund management
company.
Recently, HDFC PMS
exited the housing project of Mumbai - based Runwal Group by selling 50% in the
project for Rs. 250 crore.
No comments:
Post a Comment