Apollo, the US private equity group, is joining forces with SUN Group, an Indian investment company, to launch India’s biggest-ever real estate fund. Apollo and SUN have together raised $630 mn of equity, which, with gearing, gives them $2 bn of spending power in the Indian market. The launch is the latest in a string of new vehicles aimed at the real estate market in India and US, Middle Eastern and local funds are looking to take advantage of India’s fast-growing GDP and perceived lack of good quality infrastructure. The SUN Group, owned mainly by the Khemka family, has a range of investments across India and the former USSR. The joint venture, SUN-Apollo India Real Estate Fund, has a remit to invest across the whole spectrum of residential and commercial property in the major Indian cities.
Read the FT Alphaville.com posting.
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