Mumbai: Milestone Real Estate Fund announced on 5 September the closing of its first fund — the Milestone Domestic Scheme (MDS) — which was fully subscribed at Rs250 crore.
The five-year closed-end fund, open for subscription by domestic investors, was successfully placed and subscribed by a diverse set of investors, including high-networth individuals, financial institutions and large corporate and business houses, a press release issued here said.
The investment advisor for the scheme is Milestone Capital Advisors Pvt. Ltd, promoted by Ved Prakash Arya, former COO and director of Pantaloon Retail, and Arvind Bansal, executive director of Mission Biofuels Ltd, an Australia-listed company.
“The objective of the fund is to capture the India Growth Story and we strongly believe a major contribution has to come from growing tier-II and tier-III cities,” Milestone Capital Advisor’s managing director, V P Arya, said.
The fund has already concluded three deals, resulting in part deployment of the funds raised, the release said.
“We will form joint ventures with developers from these towns and cities, and again for the first time in the country, participative management is going to be encouraged,” Arya said.