360 ONE Asset to Launch Rs 1,000 Crore Real Estate Opportunities Fund
360 ONE Asset, a prominent asset management company, is set to launch a special opportunities fund worth Rs 1,000 crore, focusing primarily on real estate investments. The fund will be led by Nitin Goel, the national head of the Special Situations Group a
360 One AssetReal Estate FundAlternative Investment FundsNitin GoelKhushru JijinaReal Estate MumbaiOct 14, 2024
360 ONE has appointed Nitin Goel, the national head of the Special Situations Group at Piramal Capital & Housing Finance, to lead the real estate vertical. Goel joined 360 ONE this month, bringing with him extensive experience in the real estate sector. Additionally, the firm has brought on Khushru Jijina, a former advisor with the Ajay Piramal Group, to advise on the firm’s overall real assets strategy.
However, 360 ONE already has an existing real estate fund, and the company is now looking to expand its portfolio with this new initiative. Amar Merani, the chief investment officer of Real Assets at 360 ONE, recently resigned and is planning to establish his own venture.
When contacted, a spokesperson for the firm stated, “Regarding future fund launches, we would prefer not to comment at this time. As for new appointments, whether as employees or advisors, we are continuously working to strengthen our teams across various businesses. However, we do not wish to comment on individual appointments.” Jijina and Goel did not respond to requests for comment.
Alternative Investment Funds (AIFs) have gained significant traction in the real estate sector as Non-Banking Financial Companies (NBFCs) and banks are restricted from lending for land purchases and related purposes. AIFs offer greater flexibility in this context, making them an attractive option for investors. Several firms, including Motilal Oswal, Kotak, and ASK, have already established AIFs in the real estate sector.
360 ONE Asset, formerly known as IIFL Wealth & Asset Management, currently manages around S$63 billion in assets. Last year, the company completed the acquisition of a controlling stake in Mumbai Angels, a prominent angel investment network. Along with this acquisition, Mumbai Angels announced the launch of two new funds a Rs 1,000 crore angel fund and a Rs 300 crore venture capital fund. These funds are expected to invest in around 500 startups over the next three to four years.
Recently, 360 ONE Asset launched its secondaries fund, ‘Special Opportunities Fund-12’, with a target corpus of Rs 4,000 crore. This fund aims to invest in late-stage startups and is touted as India’s first alternative investment fund (AIF) dedicated to the private equity secondary market.
Frequently Asked Questions
What is the primary focus of 360 ONE Asset's new special opportunities fund?
The primary focus of 360 ONE Asset's new special opportunities fund is real estate investments, including land buying, redevelopment, and acquisitions.
Who has been appointed to lead the real estate vertical at 360 ONE Asset?
Nitin Goel, the national head of the Special Situations Group at Piramal Capital & Housing Finance, has been appointed to lead the real estate vertical at 360 ONE Asset.
What is the significance of AIFs in the real estate sector?
AIFs are significant in the real estate sector because they offer greater flexibility in lending for land purchases and related purposes, which is restricted for NBFCs and banks.
What is the target corpus for 360 ONE Asset's secondaries fund, ‘Special Opportunities Fund-12’?
The target corpus for 360 ONE Asset's secondaries fund, ‘Special Opportunities Fund-12’, is Rs 4,000 crore, aimed at investing in late-stage startups.
What is the current asset under management (AUM) of 360 ONE Asset?
360 ONE Asset currently manages around S$63 billion in assets.
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