HDFC Capital has raised over $376 million under the initial close for the second scheme of HDFC Capital Affordable Real Estate Fund – 3 (H-CARE 3), the investment manager said on Monday.
H-CARE 3 will provide long-term, flexible funding for affordable and mid-income housing projects, including early-stage funding, said a press release issued by the company. Funds are expected to be committed towards investments over the next three-four years. H-CARE 3 will also invest in technology companies engaged in the affordable housing ecosystem.
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With the latest fundraise, HDFC Capital has created a $3.1-billion affordable housing platform. Specifically, H-CARE 3 schemes have a total estimated fund corpus of $2.2 billion.
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Housing Development Finance Corp (HDFC) will be the sponsor, and HDFC Capital will be the investment manager for H-CARE 3 schemes.
“Despite the recent headwinds in the global macro landscape, I continue to be optimistic about the demand for homes in India,” Deepak Parekh, chairman of HDFC, said. “As the pivot of global growth shifts, India is envisaged to remain among the fastest-growing major economies, and housing will play an even more important role as a catalyst for growth.”