NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

HDFC Capital, a wholly-owned subsidiary of HDFC Ltd and acting as an investment manager, has successfully achieved the initial close of its third fund focused on affordable housing, the HDFC Capital Affordable Real Estate Fund – 3 (H-CARE-3), according to the press release.

H-CARE 3 is one of the largest funds raised to invest in the residential real estate sector in India, with investors committing in excess of $1.22 billion towards the first close- which combined with potential reinvestments by the fund- creates an estimated total fund corpus of $1.88 billion. The primary investor in H-CARE 3 is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Photo courtesy of dany13 via Flickr.