Saroj Poddar Group, Keventer join hands to launch Rs. 400 crore category II real estate debt AIF

The launch marks the first AIF launched by a real estate developer from West Bengal, according to the company.

The Poddar Keventer Real Estate Fund – Scheme I is targeting a corpus of Rs 400 crore, with an option to raise an additional Rs 200 crore through a greenshoe option, taking the potential corpus to Rs 600 crore.

The fund brings together the Saroj Poddar Group, a USD 3 billion diversified business conglomerate, and Keventer Group, one of eastern India's leading business groups with established operations across the food and FMCG and real estate sectors.

The platform combines Saroj Poddar Group's institutional expertise with Keventer's real estate development and execution capabilities.

The fund will pursue a secured real estate debt strategy across Delhi-NCR and West Bengal, with a target gross internal rate of return (IRR) of 18-22% before expenses.

The sponsors have committed Rs 80 crore, equivalent to 20% of the target corpus, demonstrating alignment with investors.

The fund will provide structured financing to select real estate projects, including ultra-luxury, premium and mid-market developments. Its investment framework will combine secured debt structures with security cover, escrow and covenant safeguards, milestone-linked drawdowns and ongoing monitoring.

The launch comes amid a structural shift in India's real estate financing landscape, with institutional capital, private credit and alternative investment vehicles playing an increasingly important role alongside traditional funding sources.

As developers seek more structured and flexible sources of capital, investors are placing greater emphasis on governance, transparency, execution capabilities and disciplined capital deployment.

Mayank Jalan, Chairman and Managing Director of Keventer Group, said: “We see significant opportunities across both Delhi-NCR and West Bengal, supported by evolving consumer aspirations, infrastructure-led development and sustained demand for quality real estate. While the opportunity is compelling, our experience has shown that converting it into sustainable value requires disciplined capital deployment and strong execution on the ground. Through this AIF, in partnership with Saroj Poddar Group, we aim to bring our real estate expertise and execution-led approach to identifying and supporting quality opportunities across these markets.”

Akshay Poddar, Promoter, Saroj Poddar Group, said: “The rapid growth of India's AIF ecosystem reflects the increasing role of alternative capital in supporting the country's growth opportunities, with real estate emerging as one of its key investment destinations. At the same time, the evolution of the regulatory framework, including SEBI's recent measures around scheme launches, governance and fund lifecycle management, is helping strengthen the institutional architecture of the asset class. In partnership with Keventer Group, we aim to build a platform that combines disciplined capital allocation, robust governance and long-term alignment with investors.”

Gaurav Agarwala, Head of Operations at Poddar Keventer, said: “The strength of this platform lies in combining deep real estate understanding with a disciplined investment and execution framework. We will focus on opportunities where the underlying project fundamentals, promoter capability and cash flows provide the right basis for structured financing. A rigorous due diligence process, appropriate security structures and ongoing monitoring will remain central to our approach as we deploy capital across Delhi-NCR and West Bengal.”

The launch of the maiden fund marks the first step in the sponsors' broader ambition to build a professionally managed institutional real estate investment platform, combining Saroj Poddar Group's institutional governance with Keventer's real estate development and execution capabilities.