New Delhi, July 8 -- Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW), a 50:50 joint venture between Nuvama Asset Management and Cushman & Wakefield, has achieved the final close of its PRIME Offices Fund at around Rs 4,000 crore ($418 million), the company said in a statement.
The fund, launched to provide Indian investors access to institutional-quality commercial office assets, was originally launched with a target corpus of Rs 3,000 crore. Strong investor demand, coupled with robust deployment across India's office markets, prompted NCW to increase the fund size, with the expanded corpus now fully subscribed, according to the statement.
The fund has already committed around 45% of its capital.
"The successful final close of PRIME reflects conviction in both India's office sector and our investment strategy," said Gaurav Puri, chief investment officer at NCW. "The ability to expand the fund beyond its original target underscores the strength of investor interest and the quality of opportunities available in the market."
He added that India's office market continues to benefit from structural growth drivers, including the expansion of global capability centres, growing front-office operations and sustained demand for high-quality workplaces.
"With a strong foundation now in place, we remain focussed on disciplined deployment and long-term value creation as we pursue opportunities across our target markets," Puri said.
Since its launch, PRIME has built a diversified institutional-grade office platform across key office micro-markets in India.
The fund currently has a portfolio spanning around 4 million square feet of high-quality office space across the country.
NCW offers end-to-end capabilities for investing in commercial real estate and aims to provide domestic investors access to institutional-quality real estate opportunities. PRIME, its flagship office fund, marked its first close in 2025.
The fund targets investments in prime commercial office assets across key high-growth micro-markets in India.
Published by HT Digital Content Services with permission from VC Circle.