360 ONE Asset to launch Rs 1,000 crore real estate focused special opportunities fund

Leading asset management company 360 ONE Asset is set to launch a Rs. 1,000 crore special opportunities fund focusing on real estate opportunities. Sources familiar with the development have indicated that the upcoming fund will target quasi-equity deals in the range of Rs. 150-200 crore, covering various real estate activities such as land acquisition, redevelopment projects, and other transactions.

360 ONE Asset has appointed Nitin Goel as the head of its growing real estate vertical. Goel previously served as the national head of Piramal Capital & Housing Finance's Special Situations Group. He joined 360 ONE earlier this month to spearhead the firm's foray into structured real estate deals. Khushru Jijina, an advisor to the Ajay Piramal Group, has also been onboarded to counsel 360 ONE's overall strategy across real asset classes.

Alternative investment funds (AIFs) have gained significant traction for real estate opportunities as non-banking financial corporations and banks now face restrictions in financing land purchases and related deals. Industry experts note that AIFs provide more flexibility to invest in such opportunities. Several other fund houses like Motilal Oswal, Kotak, ASK, etc. have also launched AIFs focused on the realty sector.

360 ONE Asset, formerly known as IIFL Wealth & Asset Management, currently manages assets worth $63 billion. It had last year acquired a majority stake in Mumbai Angels. Along with the acquisition, Mumbai Angels had announced the launch of an Rs. 1,000 crore angel fund and a Rs. 300 crore venture capital fund to invest in around 500 startups over 3-4 years. 360 ONE Asset recently floated its second secondaries fund ‘Special Opportunities Fund-12' with a Rs. 4,000 crore target to invest in late-stage startups.