SBICAP Ventures-backed SWAMIH Investment Fund-I has raised Rs 15,530 crore at its final close on December 6, 2022, it said in a statement on December 8, 2022. The fund is aimed to provide priority debt financing for the completion of stressed, existing and RERA- registered residential projects that fall in the affordable, mid-income housing category.
The fund is sponsored by the finance ministry and is managed by SBICAP Ventures, a State Bank Group company. SBI is also one of the anchor investors of the fund along with Life Insurance Corporation of India (LIC). Other investors include HDFC and major nationalised banks.
The fund had received a commitment of Rs 10,037.5 crore in its first close, three years ago on December 06, 2019, where the government had committed a fund infusion of up to Rs 5,000 crore. As on date, the fund is appraising 286 projects across more than 30 cities in India which would help complete over one lakh homes. The additional commitment will enable the fund to continue to evaluate deals till December 2024.
Since its launch, the fund has scaled up its investment team to 33 professionals and evaluated more than 1,000 deals across India.
“The State Bank group will continue to provide all execution capabilities required to fully implement this strategic Government of India initiative. We take pride in being able to consistently achieve new landmarks in our journey of providing relief to homebuyers and in the process contribute towards boosting investments in the real estate sector with thorough transparency and efficiency. The increased commitment from the government is a statement of confidence in the execution abilities of SBICAP Ventures as the investment manager and the entire team at SWAMIH Investment Fund-I,” said Suresh Kozhikote, MD & CEO, SBICAP Ventures.
“This round of capital infusion marks as a big step in our journey to provide a much-needed boost to the country’s real estate industry. We at SWAMIH Investment Fund-I continue to closely monitor all construction spend to ensure that the capital is utilised only for completion of the project. The Fund has already achieved construction completion of 19,500 homes and is on track to deliver about 20,000 homes every year for the next 3 years,” says Irfan A Kazi, chief investment officer, SWAMIH Investment Fund.
