From ₹201 crore invested in 2017 to ₹550 crore realised: WSIB-backed investor exits DASNAC
Kautilya Finance, a real estate investment platform backed by the Washington State Investment Board (WSIB), has reportedly exited its non-convertible debenture (NCD) investments in Delhi-based developer DASNAC. According to a report by Money Control, the move comes after generating aggregate cash proceeds of around ₹550 crore in FY26, as per the company.
The exit concludes a multi-year investment relationship through foreign portfolio investor (FPI) and alternative investment fund (AIF) structures. The proceeds include repayments of the invested principal and contractual interest earned on the portfolio, reported the publication.
Kautilya Finance BV, the Netherlands-based FPI managed by Aevitas Property Partners, first invested in the DASNAC group in 2017. According to the same report, the company committed ₹201 crore to listed NCDs issued by E-Homes Infrastructure Pvt Ltd (EHIPL), a special-purpose vehicle of the developer.
This investment was followed by additional exposure through listed and unlisted NCDs, including investments routed through Kautilya Real Estate Fund, an India-focused AIF.
The funds were reportedly deployed across DASNAC's luxury and prominent residential development projects in Noida, such as DASNAC The Jewel of Noida (Sector 75), DASNAC Burj Noida (Sector 75) and
While the debt investment has now been fully exited, the report added that DASNAC and Aevitas have held preliminary discussions on a potential equity investment in the developer. However, no agreement has been finalised, the company said, as cited the publication.
WSIB manages retirement and other institutional funds for beneficiaries in the US state of Washington. Its exposure to Indian real estate was said to be channelled through Aevitas and the Kautilya platform using FPI and AIF investment routes.
For the unversed, DASNAC is a prominent real estate developer, engineering, and architectural firm in North India. The group has a presence across residential, retail, office, student housing and hospitality segments in Noida. Reportedly developed over 15 million square feet across 100 residential, commercial and other projects, some of its popular projects include DASNAC Arc, DASNAC Place, DASNAC Yuva and DASNAC Westminster.
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