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Navin Dhanuka, the founder and CEO of Altern Capital
Altern Capital, a Bengaluru-based real estate-focused investment management firm, has launched its maiden SEBI-approved Category II Alternative Investment Fund (AIF).
The fund is named JIRAAF AU INDIA REAL ESTATE FUND - I, with a target size of Rs 250 crore and an additional greenshoe option of Rs 100 crore.
The fund is designed for plotted development and last-mile funding in the real estate sector, focusing on reducing approval and execution risks, and ensuring early project completion and reliable returns for investors.
Who is the founder?
AI Growth Private Limited, through its brands “JIRAAF & ALTGRAAF,” sponsors the fund.
Navin Dhanuka, the founder and CEO of Altern Capital, has over 21 years of experience in real estate investments in India. He has held leadership roles at prominent firms such as Piramal Capital, Walton Street Capital, and Ernst & Young.
"Our goal at Altern Capital is to redefine real estate investment by ensuring tech-based stringent investment and post-investment monitoring and delivering exceptional risk-adjusted returns for our investors. Trust, Team Quality, and Transparency are the key foundations of Altern Capital. We believe our innovative approach will set new benchmarks in the industry," said Dhanuka.
Focusing on plotted development and last-mile funding
The fund’s strategy focuses on plotted development and last-mile funding. Plotted development projects are expected to be deployed in cities like Bengaluru, Chennai, Hyderabad, and Mysuru, where there is a significant demand and quicker sales, even at the launch stage.
Last-mile funding initiatives will also target cities such as Bengaluru, Mumbai, Pune, and Chennai.
According to the company, there has been a growing interest from Grade A developers, including listed players, in plotted development projects over the last 3-4 years.
JIRAAF AU INDIA REAL ESTATE FUND - I differentiate itself by having a shorter tenor of four years compared to the typical six-year horizon in the industry. This shorter period aims to ensure early project completion and quicker visibility of returns for investors.
The fund emphasizes stringent tech-based investment and post-investment monitoring to deliver exceptional risk-adjusted returns.