Neo Asset revs up infrastructure fund

Peak XV Neo Asset Partners-backed Management, which floated its infrastructure-focussed vehicle in August, has now concluded raising its target corpus and will avail the greenshoe option, a top executive told VCCircle.

- Priyal Mahtta

At a time when the government is taking initiatives to push infrastructure development in the country, Neo aims to enter the market a ₹2,000 crore (around $240 million) 'Neo Infrastructure Income Opportunities Fund'. The vehicle will have a base target of ₹800 crore and a greenshoe option of ₹1,200 crore.

The asset manager has already raised about ₹750 crore and is intending to secure ₹2,000 crore by August 2024, said Abishek Goel, head-infrastructure and real estate assets funds at Neo Asset Management.

It marked the fund's first close at ₹600 crore in October this year.

The fund's manager has so far committed about ₹300 crore across rent-generating road and renewable energy assets. The capital commitment for the entire fund will likely be completed in the next two years, he said.