New Delhi, June 8 -- Arnya RealEstates Fund Advisors, an independent real estate-focussed alternative investment firm, is set to launch a new real estate debt fund in the second quarter of the current financial year, even as its maiden debt vehicle approaches final close, the Mumbai-based firm said on Monday.
Arnya did not disclose a target corpus for the new fund.
The firm's debut vehicle, Arnya Real Estate Fund - Debt, has committed Rs 1,000 crore ($104.5 million) across 11 transactions spanning five geographies since its first close in September 2024. Total commitments are expected to reach Rs 1,200 crore, including direct investments, by the final close, which the firm is targeting by the end of this month.
The maiden fund, a Category-II alternative investment fund (AIF) registered with the Securities and Exchange Board of India (SEBI), focuses on providing growth capital to tier I developers across India's top eight cities. Its limited partner (LP) base comprises high-net-worth individuals (HNIs) and family offices, reflecting broad domestic investor appetite for structured real estate credit.
The fund's portfolio includes investments alongside developers such as Casagrand, MAIA Estates, Gami Group, and Vaishnavi. Several projects are at advanced stages of approvals and execution, while some have already been launched in key residential markets, including Bengaluru. The company continues to see strong demand across mid-income, premium, and redevelopment-led housing segments, it said.
Separately, Arnya recently announced the first close of its maiden residential equity fund at Rs 1,030 crore. Structured as a platform partnership with Supreme Universal, the fund is focussed on redevelopment opportunities in Mumbai and is also expected to hit its final close by June 2026.
Across its debt and equity strategies, as well as direct investments, Arnya is targeting combined assets under management (AUM) of approximately Rs 2,500 crore by June 2026.
Over the long term, the firm aims to build a full-stack real estate asset management platform offering a diversified suite of strategies spanning credit, equity, and rental assets.
Arnya was founded by Sharad Mittal, who previously built and scaled the real estate investment business at MO Alternates, overseeing more than Rs 10,000 crore in investments across over 175 projects. He has also held senior roles at ICICI Prudential AMC, ICICI Bank, ASK Property Investment Advisors, and First Rand Bank. Within two years of inception, Arnya has launched two funds, grown to a 25-member team, and established offices across five cities.
Published by HT Digital Content Services with permission from VC Circle.