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Indiareit Fund Advisors announced today that it had performed an interim close of INR300 crore for its INR1000 crore domestic fund. Indiareit Fund Advisors is the real estate private equity business unit of Piramal Enterprises. Indiareit's Domestic scheme V, as the fund is officially called, is one of the funds put together by Indiareit. Indiareit now manages around INR4343 crore through five earlier funds and two other third party commitments.

"The Scheme is targeting structured returns to take advantage of the mismatch between the availability of capital and the demand for it. The investment underwriting therefore, focuses on not just the quality of the project, visibility of cash flows and track record of the development partner, but also adds an extra layer of security to enhance the risk return profile," Indiareit said in a statement.

Indiareit also said that its Mumbai Redevelopment Fund had already reached its targeted sum of INR500 crore. The Mumbai Redevelopment Fund focuses on a niche strategy concentrated on redevelopment projects in Mumbai. Indiareit said they've already committed approximately 40% of the fund in targeted organizations.