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Alpha Alternatives Fund Advisors, an asset management arm of Alpha Alternatives Group, has raised USD 450 million (Rs.3800 crore in today’s value) in the first close of Alpha Alternative Build India Infrastructure Fund, a category II close ended private equity fund.
The fund plans to raise a total of USD 750mn (Rs.6330 crore) including a green shoe option of up to USD 250mn.
The fund has a tenor of 5 years extendable by up to 2 years, and will invest in road assets across India, including standard, distressed, under-construction and operating projects.
Naresh Kothari, Founder and Managing Partner, Alpha Alternatives said, “This first fund of ours will focus on high quality road assets which are the backbone of our economic growth. By creating a unique framework through a strategic partnership, we aim to deliver better risk-adjusted returns offering a compelling new investment opportunity”.
Kaushal Biyani, Partner and Head Illiquid Alternatives, Alpha Alternatives added, “The fund aims to capitalize on the investment opportunities in the road infrastructure space in India while addressing the fundamental challenges associated with holding long-term depreciating illiquid assets. This is our third fund in the Illiquid Alternatives space in the last 18 months, taking the total investor commitments to more that ~USD 1.25 bn in our Illiquid Alternative strategies.