Bajaj Alternate Investment Management (Bajaj Alts) has raised around ₹950 crore in the initial close of its maiden commercial office real estate fund, which targets a total corpus of ₹2,000 crore, including a green shoe option.
The Bajaj Alts Real Estate – Growth Fund I has received commitments from family offices, institutions and high-net-worth individuals, the company said on October 12.
The fund will invest in the development of Grade A commercial office assets in select Indian cities through equity joint ventures with established developers. The strategy aims to combine developers’ project execution capabilities with institutional capital and investment oversight.
Unlike strategies focused on lending to real estate developers or acquiring completed properties, the fund will take an equity-led approach to commercial office development, Bajaj Alts said.
Sanchit Bhatia, head of the real estate fund at Bajaj Alts, said the strategy aims to give investors exposure to value creation from commercial office projects catering to corporates and global capability centres (GCCs).
The fund is looking to build a portfolio across select cities and has a pipeline of potential transactions for capital deployment over the coming months, the company said.
Bajaj Alts is a wholly owned subsidiary of Bajaj Finserv and was incorporated in 2025. Its alternative investment platform plans to offer products across asset classes, including real estate, private equity and listed equities.