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HDFC Capital raises US$550M in 1st close of Indian affordable housing fund

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According to Market Intelligence, December 2022

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HDFC Capital raises US$550M in 1st close of Indian affordable housing fund

HDFC Capital Advisors Ltd. amassed US$550 million in the first close of its second affordable housing fund in India, HDFC Capital Affordable Real Estate Fund-2, Livemint reported.

Sovereign wealth fund Abu Dhabi Investment Authority accounted for a large portion of the commitments received for the fund during the initial round of fundraising, the report noted.

The company aims to combine the fund with its first affordable housing fund to establish a US$1 billion investment platform focused on affordable and mid-income residential schemes across 15 Indian cities, the news outlet reported Dec. 22, citing a company release.

The platform, to be headed by HDFC Capital CEO Vipul Roongta, will offer long-term equity and mezzanine capital to developers, targeting to build 75 million square feet of affordable and mid-income residential projects over the next two to three years.