Bajaj Alts raised Rs 950 crore in the first close of its maiden real estate fund on October 12. The fund targets a Rs 2,000 crore corpus to build Grade A commercial office assets. Sanchit Bhatia said, "Our strategy is focused on partnering with established developers to co-develop high-quality commercial office assets."

Bajaj Alts, the alternative investment arm of Bajaj Finserv, has raised around Rs 950 crore in the initial close of its maiden real estate fund, which will invest in joint ventures with developers to build Grade A commercial office assets, the company said on October 12. The fund, Bajaj Alts Real Estate-Growth Fund I, is targeting a corpus of Rs 2,000 crore, including a green-shoe option. It has secured commitments from family offices, institutions and high-net-worth individuals. The fund's strategy marks a push into equity-led commercial real estate development, a segment Bajaj Alts says has historically seen limited participation from domestic investment strategies compared with debt financing for residential developers and the acquisition of completed assets. "Our strategy is focused on partnering with established developers to co-develop high-quality commercial office assets in India's key markets," said Sanchit Bhatia, head of the real estate fund at Bajaj Alts. The strategy will allow investors to participate in value creation from projects catering to corporates and global capability centres (GCCs), he said. The fund has a pipeline of investment opportunities and plans to deploy capital across select cities over the coming months, it said. Driven by demand for multinational companies for GCCs or their expansions, the commercial office sector is seeing heightened investor appetite for institutional-grade assets in business districts. Lakshmi Iyer, group president for investments and managing director and chief executive officer of Bajaj Alts, said the fund's first close would lay the foundation of a broader alternatives investment platform. Bajaj Alts, a wholly owned subsidiary of Bajaj Finserv, was incorporated in 2025. Its investment offerings span real estate, private equity and listed equities, with plans to use strategies such as long-short and quantitative investing. The Rs 2,000-crore target will determine the scale of its investment programme as it moves from fundraising to deployment. The company has not disclosed the cities, developer partners or individual projects being evaluated.