Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:
Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to reach your final close by the end of 2025?
Our early success stems from three key drivers: a seasoned leadership team, a focused strategy and credible partnerships. Our team comprises people with vast experience in the real-estate sector working in both global and local firms and combining best practices learnt over the years. Our leadership team has worked in leading organisations such as AIG Investments, Brookfield Asset Management, Godrej, Lodha and Emaar, to name a few. Partnering with The Guardians Real Estate Advisory has enhanced our deal pipeline, investor outreach and real-time market intelligence.
The fund’s clear focus on early-stage capital in Mumbai’s residential redevelopment – a high-demand, undercapitalised segment – has resonated with family offices and HNIs. To reach our Rs 5 billion final close by end-2025, we’re actively engaging reputed wealth managers and family offices. Early commitments indicate strong momentum.
What specific opportunities does Etonhurst identify in Mumbai's redevelopment market space and how do you assess and mitigate associated risks?
Mumbai’s land constraints and ageing housing societies create a strong case for structured redevelopment. Etonhurst focuses on early-stage capital gaps in society redevelopment, especially in infrastructure-linked locations like metro corridors. Our risk framework includes stringent legal and technical due diligence, milestone-based disbursements and partnerships with proven developers. We diversify across micro-markets and closely monitor regulatory compliance to protect investor capital.
What sets us apart is our integrated ecosystem. The Guardians, our sponsor and one of Mumbai’s top real-estate brokerages, offers early access to quality projects and ensures strong sales velocity.
The fund plans to allocate over 60 per cent of the raised capital within the year. Could you elaborate on the criteria used to prioritise projects and ensure timely deployment of funds?
We balance deployment with a disciplined deal screening process. Projects where the Developer Agreement has been signed and the consent for vacating the premises is received, approvals in place or being processed are considered. Developers must have strong Mumbai redevelopment credentials and a transparent governance mechanism.
We focus on high-absorption corridors—like Mumbai’s western and central suburbs, especially those near expressways or metro lines. Projects are assessed for risk-adjusted return potential, capital structure, promoters’ contribution, product type and configuration, execution timelines and market appeal to ensure steady absorption of supply.
How does the collaboration with The Guardians enhance your deal sourcing and execution capabilities in the redevelopment sector?
Our partnership provides a significant strategic edge in Mumbai’s complex redevelopment landscape. Their deep-rooted relationships with housing societies, developers and key market stakeholders give us early access to high-potential opportunities – often before they become widely available. Beyond origination, The Guardians’ on-ground teams provide real-time insights into local sentiment, regulatory shifts and project-specific dynamics. This intelligence enables us to make faster, more informed investment decisions while managing risk more effectively. The collaboration functions as a true force multiplier, combining market access with institutional-grade governance.
As a SEBI-registered Category II Alternative Investment Fund (AIF), what advantages does this classification offer to your investors and how does it influence your investment approach?
Being a SEBI-registered Category II AIF offers a strong foundation of trust, transparency and investor protection. SEBI’s regulatory framework enforces strict governance, disclosure and risk management norms, which shape every aspect of our investment process. This structure also gives us the flexibility to tailor instruments – such as structured equity or secured debt – based on the unique profile of each project. Ultimately, this classification allows us to balance agility with accountability. Investors benefit from both the entrepreneurial advantages of a focused fund and the safeguards of a regulated, institutional-grade platform.
Beyond residential projects, Etonhurst is eyeing office redevelopment. What criteria guide your evaluation of such opportunities? Which regions or verticals are next in line for strategic focus, and why?
We assess office redevelopment based on connectivity, demand gaps and adaptive reuse potential. Areas like Lower Parel, Andheri, BKC fringe and Navi Mumbai – where ageing stock meets rising demand for modern space – are our initial focus. Only developers with a proven track record in commercial execution are considered. Projects must offer regulatory and structural feasibility with potential for flexible use: coworking, mixed use or life sciences, depending on market demand.
With a target to expand the redevelopment platform to Rs 20 billion in the next three to five years, what are the key challenges and opportunities you foresee in scaling your operations and how do you plan to address them?
The platform’s growth potential is significant, driven by the vast pipeline of redevelopment-ready housing societies, the opportunity to diversify into asset classes like commercial and mixed use, and rising institutional interest in urban transformation. However, scaling comes with challenges; chief among them being regulatory delays, execution complexities and competition for high-potential projects. We’re addressing these through:
- Strengthening our team with seasoned professionals across legal, technical, and financial domains
- Cultivating deep relationships with developers and government authorities to accelerate project timelines and approvals
- Maintaining rigorous project selection and disciplined capital deployment to ensure scalability without compromising on governance or risk management.
As SEBI’s reforms continue to democratise access to real-estate investments via REITs, do you foresee future opportunities for AIFs like yours to create REIT-compliant portfolios or monetise completed projects through REIT listings?
Absolutely! REITs present a strategic exit path for income-generating real assets. As we develop, own and operate such assets –especially in office, rental residential or mixed-use formats – we see potential to exit such developments through a REIT structure and continue to manage such assets. This creates a hybrid ecosystem: early-stage AIF capital unlocking development value, with REITs providing yield-oriented, tax-efficient exits. We’re already aligning future projects with REIT standards – lease structures, governance and reporting. As SEBI’s REIT and InvIT frameworks evolve, this synergy will only grow stronger.
- Kavita Parab
