English
Arabic
Chinese (Simplified)
Dutch
French
German
Italian
Portuguese
Russian
Spanish
SWAMIH Investment Fund I is India’s largest social impact fund aiming to provide priority debt financing for the completion of stressed, brownfield and RERA 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 Ventures, a State Bank Group company. The State Bank of India is also one of the anchor investors of the fund along with Life Insurance Corporation of India (LIC). Mortgage lender HDFC and major nationalised banks are also among its key investors.
“The State Bank Group will continue to provide all execution capabilities required to fully implement this strategic Government of India initiative. We take pride in being able to consistently achieve new landmarks in our journey of providing relief to homebuyers and in the process contribute towards boosting investments in the real estate sector with thorough transparency and efficiency,” said Suresh Kozhikote, MD & CEO at SBICAP Ventures.
The increased commitment from the government, according to him, is a statement of confidence in the execution abilities of SBICAP Ventures as the investment manager and the entire team at SWAMIH Investment Fund I.
“This round of capital infusion marks a big step in our journey to provide a much-needed boost to the country’s real estate industry. We at SWAMIH Investment Fund I continue to closely monitor all construction spend to ensure that the capital is utilised only for completion of the project,” said Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund.
According to him, the fund has already achieved construction completion of 19,500 homes and is on track to deliver about 20,000 homes every year for the next 3 years.
SWAMIH is a category II Alternative Investment Fund (AIF) that was announced by Finance Minister Nirmala Sitharaman in September 2019 and was approved by the Cabinet in November 2019.
This fund is the crucial part of the measures taken up by the government to infuse liquidity in stressed projects to help homebuyers across the country get delivery of their stuck apartments.
The fund had received a commitment of Rs 10,037.5 crore in its first close, three years ago on December 06, 2019, where the government of India had committed a fund infusion of up to Rs 5,000 crore.
As on date, the fund is appraising 286 projects across over 30 cities in India which would help complete over one lakh homes. The additional commitment will enable the fund to continue to evaluate deals till December 2024.
Since its launch, the fund has scaled up its investment team to 33 professionals and evaluated more than 1,000 deals across India.
SBICAP Ventures is an alternative asset manager based in India managing funds across private equity, real estate, and fund of funds mandates.
It is one of fastest growing asset managers in the country that currently manages 3 Alternate Investment Funds (AIF) including Neev Fund I, Neev Fund II, SWAMIH Investment Fund I along with two funds-of-funds, Self Reliant India Fund (SRI) and U.K. India Development Co-operation Fund (UKIDCF).
