India Infoline Raises $117.3 Million to Invest in Property

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IIFL Private Wealth, a subsidiary of financial service company India Infoline, has raised 7.35 billion rupees ($117.3 million) with plans to invest in real estate, Reuters reports. 

The Mumbai-based wealth management arm will have an option to co-invest an additional 5 billion rupees, the firm said in a statement. 

The real estate private equity arm of Piramal Enterprises, Indiareit, will manage the fund, the news service reports. 

Last November, Singapore's sovereign wealth fund GIC Pte. announced a joint venture with Ascendas Pte. to invest as much as S$600 million in commercial property in India.

The India Infoline fund will be closed-ended with a four-year tenure and a deployment period of 18 months. The new fund will focus on an equity commitment of 500 million rupees to 750 million rupees per transaction and will target gross returns ranging from 22 percent to 24 percent, according to Reuters. 

India Infoline provides financial services through 838 locations in more than 350 cities in India, according to the firm's website. U.S. private equity giant Carlyle Group holds a 9.73 percent stake in the firm.