Adia unit commits $675m to Indian real estate fund

Abu Dhabi Investment Authority (Adia) has reportedly anchored a $1 billion real estate fund in India to support development across key Indian cities.

A wholly owned subsidiary of the sovereign wealth fund has committed more than $675 million to the real estate fund launched by Kotak Alternate Asset Managers (Kotak Alts), the alternate assets arm of the Kotak Group, Indian media reported.

This is the sixth consecutive investment by an Adia subsidiary in Kotak Alts’ real estate funds. The total commitments across the funds were not given.

Set up in 2005, Kotak Alts has raised, managed and advised more than $22 billion across various asset classes.

Kotak Group is owned by Indian billionaire Uday Kotak, who has a net worth of $14 billion, according to the Bloomberg Billionaires Index.

In February, Adia joined the initial public offering (IPO) of Clean Max Enviro Energy Solutions, an Indian renewable energy company, as an anchor investor.

The Emirati wealth fund had joined as an anchor investor in the IPO of Indian stockbroker Groww in November, purchasing shares worth INR1.4 billion.

It has also invested in the $1.3 billion IPO of LG Electronics’ Indian unit and was among investors in the IPO of Indian electric scooter maker Ather Energy.

Further reading:

• Adia backs Hong Kong-based private real estate fund
• Adia in investment talks with Bezos-led Project Prometheus
• Adia backs India’s Clean Max IPO as anchor investor