Nuvama and Cushman & Wakefield Management Pvt. Ltd's (NCW) maiden real estate fund, Prime Offices Fund, has raised ₹4,000 crore, reaching its final close, the company confirmed. Launched in 2024, the commercial office-focused fund has deployed about 45% of its capital across three investments in Delhi, Chennai, and Pune, covering 4 million sq ft, according to livemint.com.
The fund size was increased due to strong investor demand, leading to a fully subscribed corpus. NCW is a joint venture equally owned by Nuvama Asset Management, part of Nuvama Wealth Management Ltd, and Cushman & Wakefield, a real estate services firm. The first fund’s capital was raised entirely from domestic investors, including family offices and high net-worth individuals, as reported by livemint.com.
This fund marks a significant step in the Indian commercial real estate investment space, focusing on office properties in key cities. The ₹4,000 crore corpus positions NCW among notable domestic real estate funds, reflecting growing investor interest in commercial office assets. Comparable funds have also targeted similar urban markets, underscoring the sector’s appeal amid evolving workspaces, per livemint.com.
NCW plans to launch its second real estate fund later this year, aiming to build on the momentum of the maiden fund. The first fund’s deployment of nearly half its capital across major metropolitan areas sets a foundation for future investments, as detailed by livemint.com.