Bajaj Alts, the alternative investment arm of Bajaj Finserv, has raised around Rs. 9.5 bn in the initial close of its maiden real estate fund. The fund will invest through joint ventures with developers to build Grade A commercial office assets in India, according to the company.

The Bajaj Alts Real Estate–Growth Fund I is targeting a total corpus of Rs. 20 bn, including a green-shoe option. It has secured commitments from family offices, institutional investors and high-net-worth individuals, while maintaining a focus on equity-led commercial real estate development.

The strategy involves partnering with established developers to co-develop office projects in key Indian markets. Bajaj Alts said the approach would give investors exposure to value creation from assets designed for corporates and global capability centres, or GCCs.

The fund has identified a pipeline of potential investment opportunities and plans to deploy capital across selected cities over the coming months. The company has not disclosed the locations, developer partners or individual projects currently under evaluation.

Bajaj Alts said its strategy addressed an area that had historically received limited participation from domestic investment platforms, compared with debt financing for residential developers and acquisitions of completed assets. Investor interest in institutional-grade commercial properties has increased as multinational companies expand their GCC operations.

Lakshmi Iyer, group president for investments and managing director and chief executive officer of Bajaj Alts, said the first close would establish the foundation for a broader alternatives investment platform. The company, a wholly owned subsidiary of Bajaj Finserv incorporated in 2025, offers investment strategies across real estate, private equity and listed equities, with plans to add long-short and quantitative approaches.