Jiraaf AU India Real Estate Fund I (“JIREF I”) is a SEBI approved CAT 2 AIF, is the maiden fund by Altern Capital.
The fund focuses on plotted development and last-mile funding opportunities. The fund is designed to capitalize on the growing demand for residential plots and ensure attractive returns for our investors.
Advantage JIREF I
People
- Robust industry networks with exceptional Market
Access
- Comprehensive Range of Real Estate Expertise (From
Land Acquisition to Exit)
- Cumulative 60 years of real estate experience
(investments, banking and asset management)
Product
- Expertise across all investment structures : Structured Debt, Preferred Equity and Equity - Expertise of both pre-approval and post approval project investments - Experience across asset classes : residential, commercial & hospitality
Performance
- Sponsor has deployed ₹3,000 cr+ across various sectors and ₹2,300 cr has been prepaid/paid as per schedule. - A total of ₹232 cr+ has been deployed in the RE sector across 14 deals, of which JIRAAF has witnessed successful exit from 5 deals at an IRR of ~20.0% - Not a day’s delay in Principal or Interest payment across all deals
Process
-Full-fledged team for Asset Management & post investment monitoring with control mechanisms - Through third party due diligence pre-investment and tight risk mitigation strategies - Maker and Check mechanism between Investment and Credit& Risk Teamwith a Technology First Approach - Independent & Experienced Investment Committee.
Investment Strategy:
Target Developers
We focus on developers with a strong local presence, established credibility, and a proven track record in project delivery.
Risk Focus
We prioritize investments with lower approval and development risk, aiming for quick turnaround and higher returns.
Investment Scope
Plotted development , - Advanced stage projects, - Opportunistic transactions
Return Profile
Our investments aim for high Internal Rate of Return (IRR), often with shorter tenures or prepayment options, which may result in lower investment multiples. Re-investment opportunities are considered within fund guidelines.
Geographical Focus
Southern India including Bangalore, Chennai, Hyderabad, Mysore, Mumbai, and Pune.
Debt Deals
We engage in high-yield, shorter tenure debt deals with complete security and structures immune to Insolvency and Bankruptcy Code (IBC).
Strategic Partnerships
We collaborate with strategic partners for underwriting during pre-investment stages and active asset management.
Asset Management
Utilizing escrow mechanisms, project monitoring agencies, and conducting periodic performance reviews of portfolio assets.
Investment Strategy:
- Target Developers: We focus on developers with a strong local presence, established credibility, and a proven track record in project delivery.
- Risk Focus: We prioritize investments with lower approval and development risk, aiming for quick turnaround and higher returns.
- Investment Scope: -Plotted development , – Advanced stage projects, – Opportunistic transactions
- Return Profile: Our investments aim for high Internal Rate of Return (IRR), often with shorter tenures or prepayment options, which may result in lower investment multiples. Re-investment opportunities are considered within fund guidelines.
- Geographical Focus: Southern India including Bangalore, Chennai, Hyderabad, Mysore, Mumbai, and Pune.
- Debt Deals: We engage in high-yield, shorter tenure debt deals with complete security and structures immune to Insolvency and Bankruptcy Code (IBC).
- Strategic Partnerships: We collaborate with strategic partners for underwriting during pre-investment stages and active asset management.
- Asset Management: Utilizing escrow mechanisms, project monitoring agencies, and conducting periodic performance reviews of portfolio assets.
Investment Guidelines:
- Developer Criteria: We target developers with a strong local presence, established credibility, and a proven track record in delivering successful projects.
- Focus Areas: Our investments primarily target plotted development, advanced stage projects, and opportunistic transactions.
- Risk and Return Focus: Investments are chosen for their low development risk, potential for quick turnaround, and high returns. We prioritize plotted development primarily for land payments due to lower working capital requirements and avoid aggregation, zoning, and conversion risks.
- Financial Performance: While investments may yield high Internal Rate of Return (IRR), shorter investment tenures or prepayment options may result in lower investment multiples. Reinvestment opportunities are considered within fund guidelines, and higher upfront fees may be negotiated to enhance Deal IRR, especially in cases of expected higher prepayments.
- Co-Investment Strategy: We strategically co-invest on an opportunistic basis, collaborating with other lenders to ensure high-quality transactions.
- Deal Size: Our target investment size ranges from approximately ₹30.0 cr to ₹70.0 cr per deal.