Friday, August 14, 2009

Due to drastic slowdown in property markets across the world, Knight Frank puts off plan for India-focused property fund

Private Equity Real Estate Funds:

According to a report by global research firm Preqin, private equity real estate funds are still struggling to raise capital in the current economic environment. In the April-June quarter, 21 real estate funds made aggregate commitments of $10.3 billion, down 72.16 per cent from the $37 billion in the year-ago period.

The interest from private equity funds has waned due to slowdown in the sector in the past nine months. Only three PE deals, worth Rs 600 crore (Rs 6 billion), have taken place in the realty sector in the past nine months, as against Rs 40,000 crore (Rs 400 billion) worth of deals during the same period in 2008, according to Venture Intelligence, which tracks venture capital and PE investments.

Knight Frank India chairman Pranay Vakil confirmed the development. The offshore fund was supposed to raise investments from high net worth individuals and other investors from the UK.
To read more, please, visit - Rediff Business News

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