Sundaram Alternates’ ESG Realty Fund Tops Rs 10bn

08 Jan 2026 CW Team

The company said the milestone reflects continued investor confidence in its Category II alternative investment fund platform and performing real estate credit strategy. The fundraise remains open and is expected to close by March 2026, with a targeted final corpus of Rs 15 billion to Rs 20 billion.

The fund has attracted commitments from a diversified investor base, including insurance companies, family offices, corporate treasuries and ultra-high-net-worth investors. It also includes a sponsor commitment from the Sundaram Finance Group, reinforcing alignment of interests.

Karthik Athreya, Managing Director of Sundaram Alternates, said crossing Rs 10 billion in commitments within three months underscores investor confidence in the firm’s underwriting discipline and risk framework. He added that the momentum reflects nearly a decade of effort in building a robust risk management platform, with a continued focus on disciplined capital deployment, capital protection and long-term investor relationships.

Fund V follows a performing credit strategy centred on senior secured, amortising lending to brownfield, cash-generating residential projects. The approach prioritises downside protection through conservative loan-to-value structures and strong collateral coverage. ESG considerations are embedded into underwriting and portfolio monitoring, informing asset selection and governance rather than operating as a separate overlay.

Sundaram Alternates has raised over Rs 38 billion across five real estate credit funds to date, delivering internal rates of return in the range of 18 per cent to 19 per cent. The platform has maintained a zero capital loss record since inception in 2017, with full capital repayment and no defaults across multiple market cycles, including NBFC liquidity stress, regulatory changes, the COVID-19 pandemic and recent inflationary pressures.

The company said investor interest in ESG-integrated private credit is rising as the segment emerges as a key solution to India’s real estate financing needs. The sector is projected to reach $1 trillion by 2030, contribute around 13 per cent to GDP, and is supported by strong indicators such as 89 million sq ft of office leasing in 2024 and a 35 per cent year-on-year rise in foreign direct investment inflows in the first quarter of 2025.

Sundaram Alternates, the alternative investment arm of the Sundaram Finance Group, said its SA Real Estate Credit Fund V has crossed Rs 10 billion in capital commitments within three months of its launch in October 2025. The fund is India’s first ESG-aligned real estate credit fund. The company said the milestone reflects continued investor confidence in its Category II alternative investment fund platform and performing real estate credit strategy. The fundraise remains open and is expected to close by March 2026, with a targeted final corpus of Rs 15 billion to Rs 20 billion. The fund has attracted commitments from a diversified investor base, including insurance companies, family offices, corporate treasuries and ultra-high-net-worth investors. It also includes a sponsor commitment from the Sundaram Finance Group, reinforcing alignment of interests. Karthik Athreya, Managing Director of Sundaram Alternates, said crossing Rs 10 billion in commitments within three months underscores investor confidence in the firm’s underwriting discipline and risk framework. He added that the momentum reflects nearly a decade of effort in building a robust risk management platform, with a continued focus on disciplined capital deployment, capital protection and long-term investor relationships. Fund V follows a performing credit strategy centred on senior secured, amortising lending to brownfield, cash-generating residential projects. The approach prioritises downside protection through conservative loan-to-value structures and strong collateral coverage. ESG considerations are embedded into underwriting and portfolio monitoring, informing asset selection and governance rather than operating as a separate overlay. Sundaram Alternates has raised over Rs 38 billion across five real estate credit funds to date, delivering internal rates of return in the range of 18 per cent to 19 per cent. The platform has maintained a zero capital loss record since inception in 2017, with full capital repayment and no defaults across multiple market cycles, including NBFC liquidity stress, regulatory changes, the COVID-19 pandemic and recent inflationary pressures. The company said investor interest in ESG-integrated private credit is rising as the segment emerges as a key solution to India’s real estate financing needs. The sector is projected to reach $1 trillion by 2030, contribute around 13 per cent to GDP, and is supported by strong indicators such as 89 million sq ft of office leasing in 2024 and a 35 per cent year-on-year rise in foreign direct investment inflows in the first quarter of 2025.

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