Nisus Finance to invest Rs. 500 crore for stressed and incomplete projects.

Mumbai-based Nisus Finance will launch a new fund of Rs. 500 crore in the next three-four months for investing in stressed and incomplete projects and another fund of similar size with its partner Dalmia group that will invest in property projects.

The fund manager has already roped in an anchor investor that has committed Rs. 100 crore for the stressed assets fund called Real Estate Performance Fund, said Amit Goenka, managing director (MD), Nisus Finance.

“There will be secondary buyouts from ARCs (asset reconstruction companies), NBFCs (non-banking financial companies) and so on,” Goenka said. He added that there are very few domestic funds, which invest in these assets. Global funds in this segment are Oaktree Capital and SSG Capital, among others.

He said with Rs. 500 crore, they can buy assets worth Rs. 1,000 crore with a 50 per cent discount. Nisus is also looking to invest in redevelopment of residential projects in Mumbai.

The fund manager is also looking to launch a Rs. 500 crore new fund called Dalmia Nisus Real Estate Credit Opportunities Fund 2 (RECOF 2) by October.

BS