Lumos Alternate Investment Advisors on Monday said it has tied up with some real estate developers to set up its maiden Rs 300 crore fund for investment in stressed projects.
Lumos Alternate Investment Advisors Pvt Ltd was recently founded by Anuranjan Mohnot, former MD and CEO of Amplus Capital Advisors.
"We are in the process of setting up our maiden fund of Rs 300 crore. The proposed fund will invest in stressed real estate projects," Mohnot told PTI.
He said the company has tied up with few developers from Pune and Bengaluru to create this fund.
Mohnot, however, declined to name the partners.
The company will also raise funds from high net worth individuals and family offices in its maiden investment platform, he said.
The proposed fund will focus on last-mile funding and acquisition of stressed residential and commercial projects in six major Indian cities with an investment ticket size of Rs 20-40 crore per transaction, said Mohnot, MD and CEO of Lumos Alternate Investment Advisors.
The fund should be available for deployment during January 2021.
He said the realty firms would not only invest in this fund but also be operational partners to complete the projects.
"Stressed assets acquisition being more of operational play, real estate developers, as operating partners in the acquisition of stressed assets and last-mile funding, will provide a unique win-win investment opportunity to investors where operational risk is mitigated through active participation," he said.
At Amplus Capital, Mohnot was responsible for conceptualising, raising, investing and exiting of domestic real estate funds (Alternative Investment Funds or AIFs) promoted by the Lalbhai Group, whose flagship firm is Arvind Ltd.
Over the last nine years of his tenure at Amplus Capital, Mohnot set up two AIFs that made 12 investments.