1 Dec 2021
Investcorp, a global investment manager specializing in alternative investments, today announced that it has successfully exited its structured credit investment with the Hyderabad based developer, INDIS.
Investcorp Score Fund invested INR 135 Crore in 2017 into the PBEL City project being developed by INDIS in Hyderabad. A much sought-after mid-market residential project, PBEL City has seen sustained sales and construction momentum over the years with more than 2000 homes already handed over to residents.
Commenting on the exit, Ritesh Vohra, Partner and Head of India Real Estate at Investcorp India said: “We have had a really good experience working with G Anand Reddy and his team at INDIS. They are doing a fantastic job in establishing INDIS as an institutional quality developer, and we look forward to working with them again in the future.”
G Anand Reddy, Founder INDIS added: “The Investcorp team has been a true partner to us over the last four years. We have valued their constructive approach – especially during the pandemic – and remain interested in maintaining our relationship with them.”
The transaction marks an important milestone for Investcorp’s India residential credit business. Against the INR 1500 Crore raised for this strategy, Investcorp has now already completed profitable exits in excess of INR 1350 Crore in gross proceeds. The remaining portfolio is likely to be fully exited over the next 18-24 months.
Investcorp’s India Real Estate team invests in residential real estate projects located in top tier cities across the country. So far, the business has deployed capital through two funds across 26 projects. Investcorp has an established history in the senior structured credit space within real estate, with a focus on mid-market and affordable residential projects being developed by well-established developers.
Investcorp is also active in the mid-market private equity space in India and has invested across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors. Its investments over the last four years include Wingreens, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, ASG, NephroPlus, Unilog, XpressBees, and Safari Industries.