By the year-end, the firm would also raise a $500 million fund to be dedicated to real estate and components of infrastructure, a senior company official said on Monday.
The fund made its first investment in Indore-based M Jhaveri Group in the 137-acre upcoming township Silver Springs being developed by it. This also marks the first foreign direct investment (FDI) in real estate in Madhya Pradesh.
"Silver Springs is our first deployment in India with a size of $5 million. We have also invested in the range of $10 million each for townships in Chennai and primarily Tier II cities like Bangalore, Nagpur, Bhubaneshwar, Jaipur and Dehradun," Fire Capital Managing Director Om Chaudhary said here.
The fund has a corpus of $120 million and with co-investors it can go up to $250 million, he added.
It is expected to deploy the complete $250 million by December, when it starts raising a fund of about $500 million, Chaudhary said.
On the opportunity in Tier II cities, Chaudhary said, there was a rising demand for quality infrastructure as disposable income is on the rise.
These cities are expected to capture 30-50 per cent housing demand where there is a gap of about 23 million units, he added.
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