Motilal Oswal Alternates has fully exited its fourth real estate fund, India Realty Excellence Fund IV, after selling all 37 investments in the portfolio. The fund delivered a portfolio internal rate of return (IRR) of 20.4 per cent, according to the investment platform.

The Rs. 11.55 bn fund, which had a 2020 vintage, provided structured capital to established developers at the pre-approval stage. It invested across seven cities and included projects associated with Casagrand, Puravankara, Kolte Patil Developers, Urbanrise, Phoenix, Rajapushpa, Ashwin Sheth and Radiance Realty.

The fund operated through the COVID-19 pandemic, higher interest rates, rising input costs and geopolitical disruptions. These conditions affected the real estate sector through weaker sales and collections, funding constraints and project delays, but the fund completed exits across its entire portfolio.

The full exit follows the closure of India Realty Excellence Fund II in April 2025, which delivered a portfolio IRR of 18.3 per cent. With the completion of IREF IV, three of MO Alternates’ six real estate funds have been fully exited, while two others have made significant payouts to investors and are progressing towards full exits.

The platform’s latest vehicle, India Realty Excellence Fund VI, is in its investment phase and is deploying capital across selected residential projects with established developers. Across its real estate platform, MO Alternates said it has funded the development of more than 100 mn square feet through six real estate funds, its wholesale and proprietary book. The platform has cumulative assets under management of more than Rs. 110 bn, with over 200 investments and more than 150 completed exits.