Motilal Oswal Real Estate (MORE), the real estate private equity arm of Motilal Oswal Financial Services Limited is looking to raise up to Rs 800 crore through its recently launched fifth real estate fund “India Realty Excellence Fund V (IREF V).”

MORE till date has invested capital in the real estate sector through four real estate funds and PMS/ NCD investments.

While the earlier three funds (IREF II, IREF III and IREF IV) focused on early stage investments, IREF V would focus on construction finance in post-approval projects.

The Fund plans to deploy the capital in mid-income/ affordable residential projects across the top 7 cities in India (Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad and Ahmedabad) while selectively investing in commercial projects.

IREF V would focus on structured debt investments with established developers and undertake 12-15 transactions of Rs 60 – 80 crore each.

The Fund has been set up as an alternate investment fund (AIF Category II) registered with stock market regulator SEBI. MORE expects to achieve first close by March 2021 and conclude fundraising in the next 6-9 months.

MORE is part of Motilal Oswal Private Equity (MOPE), which is the alternative investments platform of Motilal Oswal Financial Services Limited.