SBICAP Ventures Ltd. backed SWAMIH Investment Fund I, set up under the Special Window for Affordable and Mid-Income Housing, has completed its final close at INR 15,530cr on December 06, 2022. SWAMIH Investment Fund I is India’s largest social impact fund aiming to provide priority debt financing for the completion of stressed, brownfield and RERA registered residential projects that fall in the affordable, mid-income housing category.
The Fund is sponsored by the Ministry of Finance, Government of India and is managed by SBICAP Ventures Ltd., a State Bank Group company. SBI is also one of the anchor investors of the Fund along with Life Insurance Corporation of India (LIC). Other investors include HDFC Ltd and major nationalised banks.
The Fund had received a commitment of INR 10,037.5cr in its first close, three years ago on December 06, 2019, where the Government of India had committed a fund infusion of up to INR 5,000cr. As on date, the Fund is appraising 286 projects across 30+ cities in India which would help complete over one lakh homes. The additional commitment will enable the Fund to continue to evaluate deals till December 2024.
Since its launch, the Fund has scaled up its investment team to 33 professionals and evaluated more than 1000+ deals across India.
Suresh Kozhikote, MD & CEO at SBICAP Ventures Ltd stated, “The State Bank Group will continue to provide all execution capabilities required to fully implement this strategic Government of India initiative. We take pride in being able to consistently achieve new landmarks in our journey of providing relief to homebuyers and in the process contribute towards boosting investments in the Real Estate sector with thorough transparency and efficiency. The increased commitment from the Government of India is a statement of confidence in the execution abilities of SBICAP Ventures Ltd. as the investment manager and the entire team at SWAMIH Investment Fund I.”
On this key milestone, Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund, shared, “This round of capital infusion marks as a big step in our journey to provide a much needed boost to the country’s real estate industry.We at SWAMIH Investment Fund I continue to closely monitor all construction spend to ensure that the capital is utilised only for completion of the project. The Fund has already achieved construction completion of 19,500 homes and is on track to deliver about 20,000 homes every year for the next 3 years.”
At the Final closing held in New Delhi on December 6, the Fund documents were signed by Shri Pradeep Purohit, Deputy Secretary, Department of Economic Affairs, Ministry of Finance on behalf of Government of India and Shri Kozhikote.
