Bajaj Alts hits first close of maiden real estate fund at ₹950 crore

Bajaj Alternate Investment Management Ltd (Bajaj Alts), the alternative investment arm of Bajaj Finserv Ltd, has raised about ₹950 crore in the first close of its maiden real estate fund, which targets ₹2,000 crore, including a green shoe option.

The fund, Bajaj Alts Real Estate – Growth Fund I, has secured commitments from family offices, institutional investors and high-net-worth individuals, the company said in a statement.

The fund will invest in commercial office development through equity joint ventures with established developers, targeting Grade A office assets in key Indian markets.

The strategy will allow investors to participate in the development and value creation of office projects, rather than focus on debt financing or acquiring completed properties.

“We are pleased with the strong response to our maiden real estate fund and are grateful to our investors for their confidence in Bajaj Alts. This first fund launch marks an important milestone in our journey and sets the foundation for building a broader and diversified alternatives platform for our investors,” said Lakshmi Iyer, group president – investments and managing director and chief executive officer of Bajaj Alts.

Bajaj Alts, a wholly owned subsidiary of Bajaj Finserv, was incorporated in 2025. Its investment offerings span real estate, private equity and listed equities.

The fund has a pipeline of investment opportunities and plans to deploy capital over the coming months, the company said.

Sanchit Bhatia, head of the real estate fund at Bajaj Alts, said the strategy would focus on partnering with established developers to co-develop commercial office assets in key markets.

India’s commercial office market has seen demand from global capability centres (GCCs) and other large occupiers, which the company cited as a driver of its investment strategy.

According to a July report by real estate consultant Anarock, GCCs accounted for 45% of the 42.6 million sq ft of gross office leasing across the top seven cities in the period covered by its data. More than 40% of the space leased by GCCs was for flexible workspaces. For 2026, GCCs could account for nearly half of Grade A office demand across these cities, the consultancy estimates.

Mansi Verma is a senior correspondent covering private capital in India for Mint. Think of strategy shifts, private equity and venture capital deals, the companies trying to go public, and occasionally, the ones falling apart.<br><br>She moved into this beat in 2022, and has been following it closely since. Prior to Mint, Mansi worked at Moneycontrol, where she covered jobs and edtech, reporting extensively on the 2022–2024 startup and IT layoffs cycle. Her work during this period focused on what happens to fast-growing companies when capital dries up, combining financial reporting with human-interest stories.<br><br>Mansi reported closely on Byju’s during a critical phase in its unravelling, and has since built a strong understanding of edtech businesses, particularly unicorns, and the deeper structural challenges in education that many of them have struggled to solve. At Mint, she follows the flow of capital across VC and PE deals, exits and IPO pipelines, while also tracking large investment firms, and the financial services sector.<br><br>Outside of the newsroom, Mansi spends time exploring how technology is changing the way people think and work, while actively attempting to build a critical thinking human brain in the age of short-form everything.<br><br>She holds a Master’s degree in journalism and has moderated industry discussions on financial services and investments.

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