British real estate private equity firm Rutley Capital Partners said on Monday it was looking to raise $300 million of equity to seed an Indian residential investment fund with a target size of $1 billion.
The seven-year fund will invest in residential and mixed-use development schemes in fast-growing Indian cities, including Chennai, Bangalore and Pune, and aims to deliver a net internal rate of return in excess of 20 percent to shareholders.
Rutley said it hoped to leverage off the market presence and Indian investment experience of associate company and global property services firm Knight Frank, which employs 650 real estate professionals in five offices across the Indian subcontinent.
News of Rutley's intention to launch an Indian residential real estate fund follows the earlier launches of the central European commercial property fund Rutley European Property on the London Stock Exchange and the unlisted Rutley Russia Property Fund.
The company said in October it was raising equity to launch a quoted African office property fund targeting assets in countries including Kenya, South Africa, Tanzania and Namibia.
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