As reported, the Government of India’s Alternate Investment Fund (AIF), which was formed under the Special Window for Affordable and Mid-Income Housing (SWAMIH) with the aim of providing last mile funding to assist in completion of construction of stalled housing projects that were unable to gather additional funding, has achieved its first closing at approximately Rs 105.30 billion. The Category II AIF was sponsored by the government to give large numbers of homeowners relief and to expedite the construction of the residential projects. Earlier in November, the alternative asset manager – SBICAP Ventures (SVL), a wholly owned subsidiary of SBI Capital Markets (SBICAP), had shortlisted around 12 projects worth investments of Rs 1-2 billion, to be included for the last mile funding. The subsidiary is working as an investment manager for the fund. Reportedly, SVL is said to estimate that the amount is approximately enough to complete about one lakh stalled units and will in turn release locked up capital of about Rs 650 billion, which was invested in these projects. Additionally, it has also been reported that SBICAP stated that the fund has garnered interest from multiple sources, including: Government of India, SBI, LIC, HDFC and other major public sector banks. A total of Rs 100 billion is expected to be infused into the fund by the government and another Rs 150 billion will be generated through private and institutional players – bringing the total amount to Rs 250 billion. The sponsor of the fund is stated to be the Government of India. Since its announcement on November 6, the fund is now setting considerable benchmarks with the collection of funds almost through, formation of an investment committee and active exploration of investment opportunities. Reportedly, the number of stalled housing units is estimated to be around 4.58 lakh. With the funding, industry experts believe that not only will home buyers be relieved but there will also be tertiary benefits like those involving and increase in employment and growth in the sector.