Bangalore: Indiareit Fund Advisors Pvt. Ltd, which is backed by the Ajay Piramal group, said on Tuesday it has raised its targeted corpus of 500 crore for its Mumbai Redevelopment Fund, which will exclusively invest in slum redevelopment and housing society projects in the city.

The real estate-focused private equity (PE) fund has also raised 300 crore for its 1,000 crore Domestic Scheme V Fund.

Scheme V is the sixth in a series of funds raised by Indiareit, which manages 4,343 crore worth of assets across five earlier funds and two-third party mandates.

Unlike earlier funds that typically made pure equity investments, the Scheme V fund is targeting structured returns to take advantage of the mismatch between the availability of capital and the demand for it.

“Despite a tough fund-raising environment, the speed of the interim close (raising of 300 crore) is testament to the quality of our sponsor, track record of the platform and our constant endeavour to always act in fiduciary capacity for our ever growing family of investors," Khushru Jijina, managing director, Indiareit, said in a statement.

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