India-based alternative investment platform WSB Real Estate Partners has raised $102 million (Rs 850 crore) through its residential property debt fund WSB Real Estate Debt Fund II (WSBREDF II), surpassing its initial target of Rs 500 crore, per media reports.

The fund has raised capital from a diverse group of investors, including family offices, large corporate houses, and domestic as well as offshore high-net-worth individuals (HNIs), the reports added.

The fund aims to invest in mid-income and affordable housing segments within select tier-I cities, including Bangalore, Hyderabad, Chennai, Mumbai, Pune, and Delhi-NCR. It has already deployed over two-thirds of the corpus across 12 transactions including Bollineni Group, Shapoorji Pallonji, Jain Housing, and Sowparnika Homes.

The fund has also secured two exits with around 23% gross IRR.

“More than 12,000 homes were developed/delivered through our portfolio in the last four to five years across 40 projects,” said Kaushik Desai, Managing Partner and investment committee member of WSB.

Launched in June 2021, WSBREDF-II had a target corpus of Rs 500 crore and an additional greenshoe option of up to Rs 250 crore. In 2018, Walton Street BlackSoil Real Estate Debt Fund I (WSBREDF-I) was raised with a committed capital of around Rs 320 crore.

Since its inception in 2013, WSB Real Estate Partners has managed and committed over Rs 2,000 crore of debt capital to the residential real estate space. With an involvement in approximately 40 real estate transactions, the group has already achieved exits/partial exits in more than 75% of the transactions.