Motilal Oswal Alternates (MO Alts), the alternative investments division of Motilal Oswal Financial Services, is set to raise up to Rs 20 billion through its sixth real estate fund named 'India Realty Excellence Fund VI (IREF VI).' This fund will primarily target early-stage investments in mid-income and affordable residential projects in cities like Mumbai, Delhi-NCR, Pune, Bangalore, Chennai, Hyderabad, Kolkata, and Ahmedabad. The fund will also selectively invest in commercial projects. Registered as an alternate investment fund (AIF Category II) with the stock market regulator SEBI, MO Alts anticipates achieving its first close by December 2023 and wrapping up the fund-raising process in the subsequent 6-9 months. Anand Lakhotia, co-head of real estate funds at MO Alts, emphasised the significant opportunity in early-stage real estate investments, especially considering the capital needs developers face at project inception.