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Stoicap Ventures is targeting a INR 750 crore corpus for its first Category-I Alternative Investment Fund, focused on acquiring operational K-12 schools and student housing assets in India. The Stoicap-NDR Edu-Infra Rental Yield Fund will have a INR 500 crore base corpus and a INR 250 crore green-shoe option, with NDR Group serving as co-sponsor and anchor investor. The fund has received Securities and Exchange Board of India approval and plans to use a sale-and-leaseback model. Its seed portfolio is expected to include seven schools and about 2,000 student-housing beds.
Stoicap Ventures is targeting a INR 750 crore fund to invest in operational education infrastructure, marking a move by institutional capital into K-12 schools and student housing as specialised real estate segments gain traction in India.
The Stoicap-NDR Edu-Infra Rental Yield Fund, the investment firm's first fund, will have a base corpus of INR 500 crore and a INR 250 crore green-shoe option. Chennai-based NDR Group, which operates in warehousing and logistics, is the co-sponsor and anchor investor.
The fund has received approval from the Securities and Exchange Board of India (Sebi) and is structured as a Category-I Alternative Investment Fund. Its investment strategy is centred on mature, income-generating assets rather than development-stage properties, with rental income forming a key component of the return profile.
Stoicap plans to use a sale-and-leaseback structure for the fund. Under the model, educational trusts or founders can sell school or student-housing infrastructure to the fund and subsequently lease the assets for long periods. This allows operators to release capital tied up in real estate while continuing to run their institutions from the same properties.
The fund has already moved towards building its initial portfolio across major education markets in India. Stoicap has signed a term sheet with a global institutional investor for a portfolio comprising seven K-12 schools and around 2,000 student-housing beds across cities. The proposed transaction has an equity value of around INR 500 crore, with leverage expected to be used alongside the equity investment.
The identified portfolio is expected to serve as the seed assets for the fund, while the remaining targeted capital will be deployed towards additional education infrastructure opportunities. Stoicap expects to complete the first close within the next few months.
The strategy comes as education operators increasingly consider asset-light structures to expand their core operations without committing large amounts of capital to land and buildings. At the same time, investors are looking beyond conventional office, residential and industrial property towards sectors linked to essential services.
Education infrastructure is among the specialised real asset categories attracting this interest, alongside healthcare, senior living and student accommodation. These segments can offer comparatively long operating cycles and demand linked to demographic and social requirements.
Stoicap was established in 2024 by Ritesh Vohra, formerly associated with real estate funds at Investcorp, and Kunal Sabharwal, who previously worked in investments at ESR India. The firm has positioned its investment strategy around differentiated real assets and infrastructure sectors, including education, healthcare and senior living.
The broader education market is also creating a pipeline for institutional investment. Industry estimates cited by Stoicap indicate that India's K-12 school market could expand significantly through the end of the decade, while higher education and student accommodation require substantial additional physical infrastructure to meet rising enrolment.
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