|
The PE fund, the first from Milestone's stable, will focus on sectors such as education and infrastructure. “Right now, I am bullish on these two sectors as there is lot of scope for companies to expand and reach a mass base,” said Ved Prakash Arya, managing director, Milestone Capital Advisors.
Its fourth real estate fund — Milestone Domestic Fund Part-II — has raised Rs 430 crore and will close shortly. The fund house is proposing to raise Rs 500 crore from this fund. Despite the rough market weather, the fund house's track record and investment strategy have helped in getting investor commitments, Arya said. Realty funds have been finding it difficult to raise funds from high networth individuals (HNIs) and institutions owing to a credit crisis in the US, the impact of which has been felt in India as well. Rising interest rates and curbs on external commercial borrowings have added to the woes of real estate companies as well as funds. A correction in the real estate sector has further soured the mood of investors like PE funds towards this sector. The company currently manages four real estate funds worth Rs 2400 crore. |
Source: Business Standard