HDFC Capital said it has raised $376 million under the second scheme of its affordable real estate fund series, achieving initial closure and creating a $3.1 billion platform.
The funds have been raised from the sponsor, HDFC Ltd and a subsidiary of Abu Dhabi’s sovereign wealth fund, Abu Dhabi Investment Authority.
Long term funding
HDFC Capital Affordable Real Estate Fund 3 will be providing long term funding for affordable and mid-income housing projects, while it will also invest in technology firms that are part of the affordable housing eco-system, a release by HDFC Capital said.
Both debt and equity financing will be provided by the fund, and will be deployed over the next 3-4 years.
HDFC Capital is also in active discussions with leading global investors to raise additional funds that will be invested in affordable housing, it said.