Nuvama and Cushman & Wakefield joint venture has achieved a final close of Rs 40 billion (Rs 40 bn) for its Prime Offices Fund, the firm said. With the expanded corpus fully subscribed, around 45 per cent of the capital has already been committed to three projects in Delhi, Chennai and Pune, reflecting strong execution alongside a disciplined investment strategy. The managers said the fund is targeting six cities — Mumbai, Pune, Hyderabad, Bengaluru, Chennai and the Delhi National Capital Region — and is currently present in three of them. They added that the objective is to expand into the remaining cities while also investing in different micro-markets within cities where the fund already has a presence and that the investment thesis and asset class focus will remain unchanged from the initial deployments. The current portfolio is leased to more than 70 occupiers, with global capability centres (GCC) accounting for over 50 per cent of tenants and front-office operations contributing more than 20 per cent. Around 60 per cent of the fund's office space is occupied by global companies, with the remainder taken by domestic occupiers. The fully domestic fund's investor base comprises domestic high net worth individuals (HNIs), ultra-HNIs and family offices across Indian cities. The managers said the fund expects to begin monetising assets in the latter part of a typical six-year life and that exit options include listed REITs and small and medium REITs to facilitate sale of individual assets. They said private market exits to global and domestic funds and other institutional investors with substantial liquidity will also be available, allowing sales of single assets or entire portfolios. The joint venture partners said their objective is to build a long-term platform rather than a single fund and that they will grow the platform by expanding into other annuity asset classes and deepening their office presence. They added investor interest in the current fundraise has been encouraging and that the immediate focus is deploying capital efficiently before determining timing of the next fundraising cycle.