Asset management company 360 ONE Asset will launch a special opportunities fund primarily focused on real estate, according to informed sources. The fund is expected to have a corpus of around Rs 1,000 crore.
According to sources, “The fund will do quasi-equity deals of Rs 150 crore to Rs 200 crore and cover all aspects such as land buying, redevelopment, acquisition and so on.”
360 ONE has appointed Nitin Goel, the national head of the Special Situations Group at Piramal Capital & Housing Finance, to lead its real estate vertical. Goel joined 360 ONE this month. The asset manager has also hired Khushru Jijina, a former advisor with the Ajay Piramal Group, to advise on the firm’s overall real assets strategy, sources added. However, 360 ONE already has a real estate fund.
Jijina was previously the managing director of Piramal Capital & Housing Finance and also served on the board of Piramal Enterprises. Amar Merani, the chief investment officer of Real Assets at 360 ONE, recently resigned. Merani is looking to establish his own venture, sources said.”
When contacted, a spokesperson for the firm said “Regarding future fund launches, we would prefer not to comment at this time. As for new appointments, whether as employees or advisors, we are continuously working to strengthen our teams across various businesses. However, we do not wish to comment on individual appointments,” the spokesperson said.
Jijina and Goel, however, did not respond to texts and calls on the subject.
Alternative Investment Funds (AIFs) are gaining significant traction in real estate as NBFCs and banks are prohibited from lending for land purchases and related purposes. AIFs offer more flexibility in this regard, according to experts. Firms such as Motilal Oswal, Kotak, ASK, and others have established AIFs in the real estate sector.
360 ONE Asset, formerly known as IIFL Wealth & Asset Management, has around S$63 billion in assets under management. Last year, it completed the acquisition of a controlling stake in Mumbai Angels.
“Along with the acquisition, Mumbai Angels also announced the launch of two new funds: a Rs 1,000 crore angel fund and a Rs 300 crore venture capital fund. The funds will invest in around 500 startups over the next three to four years.
360 ONE Asset recently launched a secondaries fund, ‘Special Opportunities Fund-12’, with a target corpus of Rs 4,000 crore to invest in late-stage startups.
The company claimed that it was India’s first alternative investment fund (AIF) dedicated to the private equity secondary market.