HDFC Capital has raised USD 376 million in its third round of funding for its affordable real estate fund H-Care 3. The real estate private equity arm of the HDFC Bank has raised over USD 3 billion through the H-Care schemes since its launch in 2016, making it one of the biggest private finance platforms in the world focused on affordable housing development. The fund intends to use the money raised to meet growing demand for early-stage financing of housing projects in India.
In its third round of fund raising, HDFC Capital’s affordable real estate fund H-Care 3 has raised a total of USD 376 million. The real estate private equity arm of HDFC Bank intends to use this money to meet the growing demand for early-stage financing of housing projects in India. In 2016 HDFC Capital launched its affordable real restate fund H-Care. The primary investor in the H-Care schemes is a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Since its launch the fund has raised approximately USD 3.1 billion through its schemes, making it one of the largest private finance platforms in the world focused on affordable housing development.
The HDFC Capital H-Care schemes use the money raised to provide long-term, and flexible funding across the life cycle of affordable and mid-income housing projects. Their efforts include early-stage funding. It also invests in companies involved in construction technology, sustainable technology, fintech, etc. whose services cater to the affordable housing ecosystem. The fund managers hope to finance 10lac affordable homes through a combination of financing, partnerships and technology while focusing on sustainability through these schemes. HDFC Bank is the sponsor of the fund and HDFC Capital is the investment manager of the schemes.
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