Key Takeaways
- • Bajaj Alts, the alternative investment arm of Bajaj Finserv, has raised about ₹950 crore in the first close of its maiden real estate fund, Bajaj Alts Real Estate – Growth Fund I, against a ₹2,000 crore target including a green shoe option.
- • The fund has secured commitments from family offices, institutional investors and high-net-worth individuals, according to a company statement.
- • The strategy targets equity joint ventures with established developers in Grade A commercial office development across key Indian markets, rather than debt financing or acquisition of completed properties.
- • Demand from global capability centres (GCCs) underpins the thesis: per Anarock, GCCs accounted for 45% of 42.6 million sq ft of gross office leasing across the top seven cities in its July report, and could account for nearly half of Grade A office demand in 2026.
- • The fund holds a pipeline of opportunities and plans to deploy capital over the coming months.
Summary
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, Bajaj Alts Real Estate – Growth Fund I. The fund targets ₹2,000 crore including a green shoe option. The company said in a statement that the fund has secured commitments from family offices, institutional investors and high-net-worth individuals.
The fund will invest in commercial office development through equity joint ventures with established developers, targeting Grade A office assets in key Indian markets. Unlike debt-focused or completed-asset strategies, the structure lets investors participate directly in the development and value creation of office projects. Sanchit Bhatia, head of the real estate fund at Bajaj Alts, said the strategy would focus on co-developing commercial office assets with established developers in key markets.
Lakshmi Iyer, group president – investments and managing director and chief executive officer of Bajaj Alts, described the first close as an important milestone that lays the foundation for a broader, diversified alternatives platform. Bajaj Alts, a wholly owned subsidiary of Bajaj Finserv incorporated in 2025, offers investments spanning real estate, private equity and listed equities. The fund has a pipeline of opportunities and plans to deploy capital over the coming months.
The company cited demand from global capability centres and other large occupiers as a driver of the 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, and more than 40% of GCC leasing was for flexible workspaces. Anarock estimates GCCs could account for nearly half of Grade A office demand across these cities in 2026.
The fund will invest in commercial office development through equity joint ventures with established developers, targeting Grade A office assets in key Indian markets. Unlike debt-focused or completed-asset strategies, the structure lets investors participate directly in the development and value creation of office projects. Sanchit Bhatia, head of the real estate fund at Bajaj Alts, said the strategy would focus on co-developing commercial office assets with established developers in key markets.
Lakshmi Iyer, group president – investments and managing director and chief executive officer of Bajaj Alts, described the first close as an important milestone that lays the foundation for a broader, diversified alternatives platform. Bajaj Alts, a wholly owned subsidiary of Bajaj Finserv incorporated in 2025, offers investments spanning real estate, private equity and listed equities. The fund has a pipeline of opportunities and plans to deploy capital over the coming months.
The company cited demand from global capability centres and other large occupiers as a driver of the 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, and more than 40% of GCC leasing was for flexible workspaces. Anarock estimates GCCs could account for nearly half of Grade A office demand across these cities in 2026.
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