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Mt. K Kapital, a real estate-focused fund management company, has raised over Rs 350 crore ($47.8m) through the initial close of its residential development fund from anchor investors such as State Bank of India (SBI), pharmaceutical major Famy Care, Rustomjee Group, family offices, and high-net-worth individuals (HNIs). The fund, called Mt. K Resi Development Fund, is a category II alternative investment fund (AIF) registered with the Securities & Exchange Board of India (SEBI).
Around 50% of the funds raised are already in the process of being deployed towards three identified redevelopment projects in the Mumbai Metropolitan Region (MMR). The identified investment pipeline includes two projects in Mumbai's plush Bandra locality and Andheri, with saleable areas ranging between 50,000 and 100,000 sqaure feet each.
The fund aims to invest in 8-10 projects in the Mumbai region, with a focus on redevelopment, with Rustomjee Group as its development partner. The fund will invest in real estate projects across the spectrum, offering investors the opportunity to participate in the equity returns of real estate projects with an established developer.
The fund's core team, led by Binitha Dalal, the founder and managing partner of Mt. K Kapital, and Abdeali Tambawala, have over five decades of combined experience across real estate and fund management. The fund, with a total tenure of five years, will comply with environmental, social, and corporate governance (ESG) requirements, with sustainability being the key focus. Anarock Capital has played a key role in raising capital for the fund and will continue to work jointly with the team.
Rustomjee Group’s portfolio includes 32 completed projects, 12 ongoing projects, and 19 forthcoming projects across the Mumbai Metropolitan Region. These include the affordable, mid- and mass-market, aspirational, premium, and super-premium segments. This includes two township developments in Thane and Virar, as well as large residential developments, office complexes, retail, healthcare, and educational institutions spread across Mumbai city in Prabhadevi, Bandra, Khar, Andheri, Kandivali, Borivali, and Bhandup.
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