The Shivalik Group, a real estate developer headquartered in Ahmedabad, has secured regulatory clearance from the Securities and Exchange Board of India (SEBI) for its inaugural fund, Shivalik Investment Fund, designated as a Category II Alternative Investment Fund (AIF).

The planned AIF is set to garner funds of up to Rs 3 billion through private placement, with an additional Rs 1.5 billion Green Shoe Option that can be exercised at the discretion of the investment manager.