Gujarat Real Estate Fund SIF Raises Rs 75 Crore in First Close

Ahmedabad / September 19, 2024: Shivalik Investment Fund (SIF), a Category II Alternative Investment Fund (AIF), announced the first close of its inaugural fund, securing 50% of the targeted corpus. As the first AIF of its kind in Gujarat, the fund has attracted strong interest from high-net-worth individuals and family offices, driven by the trust in Shivalik Group, a pioneering real estate developer in Ahmedabad, the company said in a statement. 

The Category II AIF had a targeted corpus of Rs 150 crore, with an option to raise an additional Rs 150 crore under the green shoe option. The fund is primarily focused on investing in residential, commercial, and plotting projects in Ahmedabad’s high-growth areas. SIF has a strong deal pipeline of opportunities and is currently in advanced discussions on identified deals, the statement added.

“This milestone is a testament to our vision of creating a trusted privately pooled investment vehicle for our investors,” said Jigar Shah, Key Investment Team Member of Shivalik Investment Fund.

“Our successful first closure of the fund demonstrates our commitment to leveraging our financial and development expertise to enhance our presence in Ahmedabad and maximize returns for our investors,” said Chitrak Shah, Founder & Managing Director, Shivalik Group.

“Ahmedabad’s real estate market is entering a transformative phase, driven by infrastructure development, rising incomes, and increased demand for premium residential and commercial properties. Shivalik Investment Fund is well-positioned to leverage these trends through our professionally managed fund, offering investors an opportunity to be part of Shivalik’s growth story,” said Piyush Kothari, Executive Director, Shivalik Investment Fund Pvt. Ltd.