Pioneer in fractional real estate ownership to raise Rs 2.8K cr

Alt, the holding company for Property Share, plans to raise Rs. 2,800 crore this year. Founded by former Blackstone executive Kunal Moktan and his batchmate from IIM Ahmedabad Hashim Khan, Property Share introduced fractional real estate ownership in India in 2015, allowing individuals to invest in commercial real estate with as little as Rs. 25 lakh. The platform now manages Rs. 1,600 crore in assets.

Following SEBI’s SM REIT regulations in 2024, Property Share became the first to secure an SM REIT license in Aug 2024 and listed a Rs. 353 crore asset in Dec, marking India’s first listed SM REIT. The company is now expanding. "This year, we plan to raise Rs. 1,500 crore through SM REITs," said Moktan. "The first, a Rs. 490 crore Mumbai asset, will go live in April, while we are finalizing a Rs. 300 crore warehousing deal that should list around May. So, we might exceed that Rs. 1,500 crore target."

Alt Invest is also diversifying into alternative investments, including UK warehousing, AIFs, private credit, and public REITs. "In the UK, we plan to acquire another property in Q2 and are targeting Rs. 200 crore worth of assets this year," said Moktan. "On the public REITs side, we aim to invest Rs. 500 crore in 2025."

The company is aiming to raise Rs. 500 crore under its second AIF scheme Alt Yield Cap Fund II by Nov. "For private credit, launching in Jun, we expect to deploy Rs. 100 crore this year. That brings our total capital raise for 2025 to Rs. 2,800 crore, nearly tripling our current AUM of Rs. 1,570 crore," said Moktan.

Alt’s investments have yielded 11-12% IRR on its BKC Mumbai asset, 12.5% in Thane, 25.8% in Bangalore retail, and 34% on a UK exit. "With this platform, we aim to democratize access to high-quality alternative assets for individual investors," Moktan said.