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MUMBAI-IL&FS Investment Managers Ltd, a leading private equity fund manager in India, has completed the final closing of its fund with $525 million in equity commitments. The IL&FS Fund, which was oversubscribed, had an initial target size of $300 million. With leverage, the IL&FS Fund will have $1.5 billion of total purchasing power.

IIML was represented exclusively by Presidio Partners LLC, a real estate private equity and advisory firm based in San Francisco. The fund targets the burgeoning Indian real estate market and seeks a gross annual leveraged internal rates of return in excess of 25%.

According to a company statement, “In addition to the major metropolitan areas, the fund will also focus on markets where there is substantial middle-income demand. The statement went on to identify a “unique window of opportunity for real estate investments across the larger Indian cities and metropolitan areas, spurred by recent reforms that facilitate foreign direct investment in a number of product types.” IIML is one of the largest domestic private-equity fund managers in India today, with more than $900 million of equity under management.

Even before IL&FS launched its fund, a range of international investors were looking to invest in India. Dubai-based developer Emaar is leading the wave of Middle Eastern money pouring into the country with $2 billion to invest. In addition, US players Apollo and Tishman Speyer are currently looking to spend a total of $2.5 billion, and they may soon be joined by Simon Property Group.

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