The ₹1,155 crore fund, which had a 2020 vintage, provided structured capital to established developers at the pre-approval stage across seven cities. Its portfolio included investments with developers such as Casagrand, Puravankara, Kolte Patil Developers, Urbanrise, Phoenix, Rajapushpa, Ashwin Sheth and Radiance Realty.
The fund operated through the COVID-19 pandemic, higher interest rates and input costs, and geopolitical disruptions that affected the real estate sector through weaker sales and collections, funding constraints and project delays.
IREF IV’s full exit follows the closure of India Realty Excellence Fund II (IREF II) in April 2025, which delivered a portfolio IRR of 18.3%. With IREF IV, three of MO Alternates’ six real estate funds have now been fully exited, while two others have made significant payouts to investors and are progressing towards full exits.
The platform’s latest fund, India Realty Excellence Fund VI, is currently in its investment phase and is deploying capital across select residential projects with established developers.
Across its real estate platform, MO Alternates said it has funded the development of more than 100 million square feet through six real estate funds, its wholesale and proprietary book. The platform has cumulative assets under management of more than ₹11,000 crore, with over 200 investments and more than 150 complete exits.