New Delhi, Oct. 12 -- Bajaj Alternate Investment Management Ltd (Bajaj Alts), the alternative investment arm of Bajaj Finserv Ltd, has raised about Rs.950 crore in the first close of its maiden real estate fund, which targets Rs.2,000 crore, including a green shoe option.

The fund, Bajaj Alts Real Estate - Growth Fund I, has secured commitments from family offices, institutional investors and high-net-worth individuals, the company said in a statement.

The fund will invest in commercial office development through equity joint ventures with established developers, targeting Grade A office assets in key Indian markets.

The strategy will allow investors to participate in the development and value creation of office projects, rather than f...