Bajaj Alts raises Rs.950 crore in first close of debut property fund

what happened

Bajaj Alternate Investment Management Ltd, the alternatives division of Bajaj Finserv Ltd, has collected roughly Rs.950 crore at the initial close of its first real estate vehicle. Bajaj Alts Real Estate – Growth Fund I is seeking Rs.2,000 crore when the green shoe option is included, the company said. HT Digital Content Services, publishing with permission from MINT, reported that family offices, institutional investors and high-net-worth individuals have committed capital.

The vehicle will back commercial office construction through equity joint ventures with established developers. Its mandate covers Grade A properties in major Indian markets and is designed to give investors exposure to project development and value creation, rather than lending against assets or buying completed buildings.

Lakshmi Iyer, group president – investments and managing director and chief executive officer of Bajaj Alts, described the launch as a significant step in the firm’s development. Bajaj Alts is a wholly owned Bajaj Finserv subsidiary incorporated in 2025, with offerings across real estate, private equity and listed equities. The company said it has investment opportunities in its pipeline and expects to put money to work over the coming months.

Sanchit Bhatia, who leads the real estate fund, said the firm intends to co-develop office properties with experienced developers in important markets. Bajaj Alts cited demand from global capability centres (GCCs) and other large occupiers as support for the strategy. Anarock’s July report said GCCs represented 45% of the 42.6 million sq ft leased across the seven largest cities during the period covered; flexible offices made up more than 40% of the space taken by GCCs. The consultant estimates that GCCs may generate almost half of Grade A office demand in those cities in 2026.

why it matters

The fundraising expands Bajaj Finserv’s alternatives platform into direct participation in office development rather than completed-asset purchases or debt strategies. Demand from GCCs is a central market rationale cited for the fund, while its joint-venture structure links deployment to new commercial projects and their value creation.

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