HDFC Capital raises $376 million for affordable housing fund H-Care 3


HDFC Capital, the private equity arm of HDFC Group, on Monday achieved the initial close for second scheme of its third fund, raising USD 376 million.

The latest fund raising is the third by HDFC Capital’s affordable fund (H-Care 3) and the primary investor in the H-Care schemes is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), HDFC said in a statement.

Since the launch in 2016, the fund, across its schemes, has created a USD 3.1 billion funding platform, making it one of the largest private finance platforms in the world focused on development of .

The fund will provide long-term, flexible funding across the life cycle of affordable and mid-income including early-stage funding. In addition, it will also invest in in the construction technology, fintech, sustainability-tech etc. engaged in the ecosystem.

targets to finance 10 lakh affordable homes through a combination of financing, partnerships and technology, while focusing on sustainability.

While HDFC is the sponsor of the fund, is investment manager of the schemes, managing director Vipul Roongta said.

HDFC Capital has been one of the pioneers of investing in affordable and mid-income . With the support of leading global investors like ADIA and partnerships with trusted developers, HDFC Capital is well on its way to achieve its medium-term goal of funding 1 million affordable homes in the country, said HDFC chairman Deepak Parekh.

“Our latest investment in the H-Care platform aims to support its growth as it continues to meet the growing demand for early-stage financing of in India,” said Mohamed Al Qubaisi, executive director, department at ADIA.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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