Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management, and global real estate services firm Cushman & Wakefield have raised Rs 17 billion in the first close of their maiden real estate fund. The funds were secured from domestic investors, including high-net-worth individuals (HNIs) and family offices, marking a significant move into India's commercial real estate sector, traditionally dominated by global institutional players. The Prime Offices Fund will focus on Grade A office assets across India’s top six markets: Mumbai, Bengaluru, the National Capital Region, Pune, Chennai, and Hyderabad, which account for over 70% of the country’s leasing activity. With a total target of Rs 30 billion, the fund aims to be fully raised within two quarters. The six-year, Category-II alternative investment fund (AIF) will deploy its corpus over the next two years, focusing on both new developments and completed, leased assets. A robust deal pipeline is already in place for future investments. Anshul Jain, Chief Executive of Cushman & Wakefield India, Southeast Asia, and APAC Tenant Representation, noted, “This fund marks the beginning of a strategic endeavor to create world-class office spaces in India while delivering strong investor returns.” Nuvama Wealth Management oversees Rs 4.41 trillion in client assets, catering to 1.2 million affluent HNIs and 4,050 of India’s wealthiest families. Meanwhile, Cushman & Wakefield, operating in 60 countries, reported $9.5 billion in revenue for 2023. Their joint venture, Nuvama and Cushman & Wakefield (NCW) Asset Management, aims to provide comprehensive investment capabilities in commercial real estate. India’s commercial real estate sector continues to attract robust institutional interest, with global players such as Blackstone, Brookfield, GIC, and Warburg Pincus making significant investments, driven by the sector’s stability and the economy's steady growth. (ET)