Real estate investment fund management platform firm Etonhurst Capital Partners has raised over Rs 180 crore as the first close for its maiden Rs 500 crore fund to be deployed across redevelopment projects in the country’s financial capital Mumbai.
The first close of the fund has witnessed participation from family offices, high-net-worth individuals (HNIs) and The Guardian Real Estate Advisory’s family office. In addition to this capital raise, Etonhurst has secured co-investment commitments, strengthening its ability to support high-value redevelopment projects in the city, the fund said in a release.
“We see robust potential in Mumbai’s redevelopment market, driven by rising demand for modern, well-planned urban spaces. This first close is a testament to the strong investor confidence in the differentiated strategy,” said Bamasish Paul, Co-Founder, Managing Partner & CEO of Etonhurst Capital Partners.
The fund, aimed at helping revitalize key residential areas of Mumbai, is registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI).
The capital raised will be strategically deployed toward construction, regulatory approvals, and marketing efforts to ensure the seamless execution of redevelopment projects.
The firm plans to allocate over 60% of the raised capital within the year with a robust pipeline of deals, prioritizing high-demand urban areas where redevelopment is key to addressing housing and infrastructure needs.
Etonhurst aims to complete the final close of its Rs 500 crore fund by the end of 2025. In parallel, the firm is targeting the expansion of its domestic redevelopment platform to Rs 2,000 crore over the next three to five years, to scale its impact on urban transformation.
As part of its broader diversification strategy, Etonhurst is also exploring opportunities in new asset classes, including office redevelopment.
