Motilal Oswal Alternates, the alternative investment platform of the Motilal Oswal Group, has successfully closed its sixth real estate fund – India Realty Excellence Fund VI (IREF-VI) with a total corpus of ₹2,000 crore. The fund will primarily invest in mid-income residential projects, targeting the growing demand from urban homebuyers across key Indian cities.

Motilal Oswal Alternates noted that a substantial share of the capital was raised from family offices and Indian high-net-worth individuals, underscoring strong domestic conviction in the real estate credit space. Additionally, commitments from offshore investors via the GIFT City route reflect growing global confidence in the Indian real estate market.

The fund has marked its first exit from IREF VI, delivering an internal rate of return (IRR) of 20.25 per cent. To date, they have executed over 180 investments and achieved more than 110 full exits.

MOA has allocated capital across 15 real estate projects, partnering with leading developers such as Ajmera Realty, Runwal Enterprises, Ambuja Neotia Group, Casagrand Group, Radiance Realty, Mantra Properties, Assetz Group, Akshar Group, Bhagwati Group, and ASBL Group. To date, 75 per cent of the fund has been deployed across projects in key urban markets, including Mumbai, Pune, Chennai, Bengaluru, Hyderabad, and Kolkata.

The platform’s cumulative assets under management (AUM) in real estate exceed Rs 10,000 crore, spread across six real estate funds and multiple co-investments.

Saurabh Rathi, Managing Director & Co-Head (Real Estate) at Motilal Oswal Alternates, said, Credit demand for land acquisition in India is accelerating rapidly, driven by a renewed appetite for residential development, rising land values, and limited availability of structured capital. With continued tightening of regulatory norms for traditional lenders, alternative credit platforms are increasingly stepping in to bridge the funding gap with tailored solutions that meet the unique needs of developers. 

Commenting on the fund’s closure, Vishal Tulsyan, Co-founder and Executive Chairman of Motilal Oswal Alternates, noted that over the past decade, the firm has established a differentiated position in the alternative asset management space by combining deep sector expertise with a robust governance framework.