Neoliv to raise USD 150 mn AIF to take residential bets; gets funding from 360 One

Neoliv, a residential real estate funding and development platform, on Friday said it intends to raise up to USD 150 million in an alternate investment fund.

The platform has secured an approval of Category II AIF from capital markets regulator Sebi under which it intends to raise USD 150 million including a USD 60 million green-shoe option, a statement said. Former chief executive and managing director of Godrej Properties, Mohit Malhotra, has founded the platform which will be focusing on middle-income housing projects in Delhi-National Capital Region and Mumbai, the statement said. Wealth and alternatives-focused asset firm ‘360 One’ has picked up a minority stake in Neoliv for an undisclosed amount.

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“Over the past few years, there has been a vacuum created in the residential fund and development space, where we see strong demand as the country’s middle-income segment continues to grow,” Karan Bhagat, founder, managing director and chief executive of 360 One, said. Malhotra said 360 One is a strategic equity investor in the company, and added that the investment will help in building and expanding the business. The statement said Neoliv’s management team members are equity partners in the business, demonstrating their long-term commitment and ambition.

Malhotra spent 12 years at Godrej Properties, during which the company’s sales grew 30x, and over 90 projects with a development potential of 150 million sq ft were added to its portfolio, the statement said.