Saroj Poddar, Keventer Launch 400 Crore Real Estate AIF

Saroj Poddar Group and Keventer Group launch a ₹400 crore Category II real estate debt AIF, targeting projects in Delhi-NCR and West Bengal with an option to expand the corpus to ₹600 crore.

Saroj Poddar Group and Keventer Group have joined hands to launch a ₹400 crore Category II real estate debt Alternative Investment Fund (AIF), marking the first such fund from eastern India. The fund, managed through their joint investment platform Poddar Keventer Capital Advisors, will focus on real estate opportunities across Delhi-NCR and West Bengal.  

The Poddar Keventer Real Estate Fund Scheme I has a target corpus of ₹400 crore and can be expanded to ₹600 crore through a ₹200 crore greenshoe option. The sponsors have committed ₹80 crore, representing 20% of the target corpus. Investors have committed a further ₹115 crore to ₹120 crore, equivalent to around 30-35% of the initial target corpus.

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The fund will follow a secured real estate debt strategy and provide structured financing to selected projects across ultra-luxury, premium and mid-market segments. Its investment framework includes secured debt structures, escrow and covenant safeguards, milestone-linked drawdowns and ongoing monitoring of projects. The fund is targeting a gross internal rate of return of 18-22% before expenses.

The investment platform will concentrate on two major real estate markets - Delhi-NCR and West Bengal. Both Saroj Poddar Group and Keventer Group have established interests in real estate, while Keventer also operates businesses across food and FMCG. The partnership brings together the institutional investment experience of Saroj Poddar Group and Keventer’s real estate development capabilities.

Keventer Group Chairman and Managing Director Mayank Jalan said the groups see opportunities in Delhi-NCR and West Bengal, citing infrastructure-led development, changing consumer aspirations and demand for quality real estate. Saroj Poddar Group promoter Akshay Poddar said the growth of India’s AIF ecosystem is increasing the role of alternative capital in supporting investment opportunities, with real estate emerging as a significant destination.

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The fund is also linked to the groups’ broader real estate development plans. According to the Economic Times, the two groups are expected to jointly develop around 11-12 million square feet over the next six years under the platform. The fund will focus on projects where underlying fundamentals, promoter capabilities and project cash flows support structured financing.

The launch comes as alternative investment funds gain a larger role in providing capital to India's real estate sector, particularly through structured debt financing for projects requiring additional institutional funding.