Private equity firm IL&FS Investment Managers Ltd has tied up with Milestone Capital Advisors Pvt Ltd to raise up to Rs 1000 crore through a real estate fund, it said on Monday.
The IL&FS-Milestone Fund-I is a four-year close end fund with an option to extend the term by two more years, if required, the two firms said in a joint statement.
The fund is looking at a initial corpus of Rs 1000 crore, including a greenshoe option of Rs 500 crore. It is looking at an annual yield of 11 per cent and an annual return of 18-20 per cent with the property price appreciation, it said.
The minimum investment in this fund is Rs 0.1 crore for individuals and Rs 1 crore for corporates. It opened for subscription on Monday and will close on October 30, the statement said. (Sify)