SWAMIH Investment Fund I is India’s largest social impact fund, aimed at providing priority debt financing to cater to stressed, brownfield and Rare 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 VenturesOne State Bank Group company. state Bank of India Also one of the anchor investors of the fund Life Insurance Corporation of India ,LIC, mortgage lender HDFC And major nationalized banks are also among its major investors.
“The state Bank The group will continue to provide all the execution capabilities required to fully implement this strategic initiative of the Government of India. Suresh Kozhikote, MD & CEO, SBICAP Ventures, said, “We take pride in being able to consistently achieve new milestones in our journey of providing relief to home buyers and contributing to boosting investment in the real estate sector. According to him, the increased commitment from the government is a statement of faith in the implementation capabilities of SBICAP Ventures as the investment manager and the entire team. owner investment Fund I.
“This round of capital infusion is a major step in our journey to provide the much-needed boost to the country’s real estate industry. At SWAMIH Investment Fund we continue to closely monitor all construction expenses to ensure that the capital is used only to complete the project,” said Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund .
According to him, the fund has already completed construction of 19,500 houses and is on track to deliver around 20,000 houses every year for the next 3 years.
SWAMIH is a Category II Alternative Investment Fund (AIF) announced by Finance Minister Nirmala Sitharaman in September 2019 and approved by the Cabinet in November 2019.
The fund is part of a series of steps taken by the government to infuse liquidity into stressed projects to help homebuyers across the country take delivery of their stuck apartments.
The Fund received commitments of Rs 10,037.5 crore three years ago in its first close on December 06, 2019, where the Government of India committed investments to the fund of up to Rs 5,000 crore.
To date, the Fund is evaluating 286 projects in over 30 cities in India that will help complete over one lakh homes. The additional commitment will enable the fund to continue evaluating deals through December 2024.
Since its launch, the fund has grown its investment team to 33 professionals and has evaluated over 1,000 deals across India.
SBICAP Ventures is an Alternative Asset Manager managing funds across Private Equity, Real Estate and Fund of Funds mandates in India.
It is one of the fastest growing asset managers in the country which currently manages 3 Alternative Investment Funds (AIFs) including NIV Fund I, NIV Fund II, SWAMIH Investment Fund I along with two Fund of Funds, Atmanirbhar Bharat Fund (Mr) and UK India development Cooperation Fund (UKIDCF).