Kolkata-based Keventer Group and Saroj Poddar Group have launched the Poddar Keventer Real Estate Fund – Scheme I, a Category II Alternative Investment Fund (AIF) with a target corpus of Rs. 4 bn. The fund is positioned as the first AIF of its kind launched by a West Bengal real estate developer, according to the sponsors.

The fund includes a greenshoe option of Rs. 2 bn, which could take its total corpus to Rs. 6 bn. It is structured as a secured real estate debt fund and will focus on projects in Delhi-NCR and West Bengal. The sponsors have committed Rs. 800 mn to the fund, while the announcement did not provide further details of investor commitments.

The scheme is targeting a gross internal rate of return (IRR) of 18 to 22 per cent before expenses. Its stated investment mandate covers real estate opportunities in two markets, with the fund expected to deploy capital through a secured debt approach rather than direct project ownership. The structure is intended to link the fund’s returns to financing activity in its target regions.

Mayank Jalan, chairman and managing director of Keventer Group, attributed the opportunity in both markets to consumer aspirations, infrastructure-led development and demand for quality real estate. He said these factors were supporting the fund’s focus on Delhi-NCR and West Bengal, where the sponsors see scope for real estate investment.

Akshay Poddar, promoter of Saroj Poddar Group, said the AIF ecosystem was increasingly supporting India’s growth opportunities and identified real estate as a key investment destination. Gaurav Agarwala, head of operations at Poddar Keventer, said the vehicle would combine real estate expertise with disciplined investment and execution. The fund’s geographic mandate and secured debt structure therefore form the central elements of its investment strategy, alongside its stated return objective before expenses.