According to HDFC Capital, HDFC Ltd.'s real estate private equity arm, the initial closure for Scheme 2 of the HDFC Capital Affordable Real Estate Fund – 3 (H-CARE 3) has been completed successfully, raising $376 million. The statement issued by HDFC Capital says the investor and sponsor have committed $376 million to H-CARE 3 Scheme 2. A $3.1 billion funding platform that has been rated as one of the world's largest private finance platforms focused on development of affordable housing is created when H-CARE 3 Scheme 2 is combined with H-CARE 3 Scheme 1 (raised less than a year ago) and HDFC Capital Affordable Real Estate Funds – 1 and 2, which were raised in 2016 and 2017 respectively, HDFC stated in a statement. A fully owned Abu Dhabi Investment Authority (ADIA) subsidiary is the primary investor in H-CARE 3 Schemes 1 and 2. H-CARE 3 will provide affordable and middle-class housing projects, including early-stage funding, with flexible, long-term funding throughout the project's lifecycle. H-CARE 3 will also make investments in technology businesses (such as construction technology, fintech, sustainability technology, and so on). involved in the ecosystem of affordable housing. H-CARE 3 Schemes 1 and 2 will be sponsored by HDFC Ltd., with HDFC Capital serving as the investment manager. Deepak Parekh, Chairman, HDFC stated I continue to be optimistic about the demand for homes in India, despite the recent headwinds in the global macro landscape. India is envisaged to remain among the fastest growing major economies in India, and housing will play an even more important role as a catalyst for growth as the pivot of global growth shifts. In India, HDFC Capital was one of the first to invest in affordable and middle-class housing projects. The HDFC Capital platform is well on its way to funding one million affordable homes in India in the medium term thanks to partnerships with reputable developers and the support of leading global investors like ADIA, he added.