New Delhi, April 29 -- Neo Alternative Asset Managers, the asset management arm of Neo Group, has committed structured debt financing of Rs 300 crore ($31.6 million) to VRise Developers for a residential project in Hyderabad.
The funding will be directed towards accelerating construction of the Atlantis project, located in Hyderabad's Narsingi area, Neo Alternative said in a statement.
VRise, part of the Vasavi Group, said it has also mobilised additional construction resources, fast-tracked procurement and aligned its project management teams to drive execution across the development. The Atlantis is a high-rise gated community comprising eight towers of 45 floors each with 2,199 residences.
Neo Alternative said Hyderabad continues to show "strong fundamentals" across residential demand, infrastructure growth and employment-led housing consumption. "Our commitment reflects our conviction in the project, the developer's execution intent and the depth of Hyderabad's real estate market," it said.
Neo is a wealth and asset management firm catering to wealthy individuals and multi-family offices. It is backed by marquee investors such as Peak XV Partners, Japanese bank MUFG, and New York-based Euclidean Capital. Recently, it received an investment from the TVS Group.
Neo Alternative, the asset management arm of Neo Group, offers private equity, private credit, infrastructure and real estate strategies. Earlier this month, it said it had brought on board former executives of WSB Partners to set up its real investment investment vertical.
Published by HT Digital Content Services with permission from VC Circle.