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Neo Asset revs up infrastructure fund
Mint Mumbai
|December 29, 2023
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.
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.
This story is from the December 29, 2023 edition of Mint Mumbai.
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