Alpha Alternatives Fund Advisors has announced the first close of its maiden infrastructure fund, Alpha Alternatives Build India Infrastructure Fund (AABIIF), raising approximately USD 450 million.

The fund, registered as a Category II Alternate Investment Fund (AIF) under SEBI regulations, aims to raise a total of USD 750 million, including a green shoe option of up to USD 250 million.

AABIIF will focus on investments in road assets across India, targeting standard, distressed, under-construction, and operating projects. The fund has a tenure of five years, extendable by up to two years.

The fund will be managed by Kaushal Biyani, Partner and Head of Illiquid Alternatives at Alpha Alternatives. It marks Alpha Alternatives’ third fund in the illiquid alternatives space in the past 18 months, bringing total investor commitments across these strategies to over USD 1.25 billion.

AABIIF leverages a strategic partnership between Alpha Alternatives and Dilip Buildcon, combining transaction sourcing capabilities with a differentiated investment approach. This collaboration enables the fund to capitalize on diverse investment opportunities in the Indian road infrastructure sector, including projects at a stage prior to acquisition by Infrastructure Investment Trusts (InvITs).

Alpha Alternatives is a multi-asset class asset management firm specializing in sophisticated investment solutions. It focuses on alpha generation through innovative product structures and risk management strategies.