Wealth and alternates-focused asset firm 360 ONE, erstwhile IIFL Wealth & Asset Management, has entered into a strategic partnership with residential investment and development platform NeoLiv by making a minority entity-level equity investment.
Founded by Mohit Malhotra, former MD and CEO of Godrej Properties, NeoLiv has already secured permission from the Securities & Exchange Board of India (SEBI) for a category II Alternate Investment Fund (AIF) with a plan to raise $ 150 million, including a green-shoe option of $60 million.
NeoLiv intends to utilize the funds to set up robust investment, corporate governance, and execution processes, hire top talent and establish a unique competitive edge in the real estate sector.
“We will be working with the NeoLiv team that brings on board a credible track record of capital raise, business development, governance, execution and customer satisfaction to further capitalize on opportunities in this space and believe this investment will deliver strong risk-adjusted returns for all beneficiaries,” said Karan Bhagat, Founder, MD & CEO, 360 ONE.
According to Bhagat, over the past few years, a vacuum has been created in the residential fund and development space, where one can see strong demand as the country’s middle-income segment continues to grow.
“We are excited to partner with 360 ONE as a strategic equity investor in our company. 360 ONE’s commitment to NeoLiv is a testament to the innovative platform we are building in the residential space in India. The investment will allow us to build and expand our unique model to better serve our customers,” said Mohit Malhotra, Founder and CEO, NeoLiv.
The new platform will focus on middle-income housing in the Mumbai Metropolitan Region (MMR) and the Delhi-National Capital (NCR) markets, targeting superior returns with measured equity risk.
As India’s leading wealth and alternatives-focused asset firm, 360 ONE has more than $40 billion in assets under management and helps over 6,800 high net-worth individuals (HNI) and ultra-HNI families manage, grow and preserve their wealth.
The platform will focus on middle-income housing in the Delhi NCR and Mumbai MMR markets, targeting healthy returns with measured equity risk.
NeoLiv is built in partnership as key management team members are equity partners with a long-term commitment to the business. During founder Mohit Malhotra’s 12 years tenure at Godrej Properties, sales grew by 30 times, and over 90 projects with a development potential of 150 million sq ft were added to the company’s portfolio.
The integrated residential platform is designed to control the entire life cycle of a real estate project, from financing to handover, providing homebuyers with the security of timely delivery. For investors, the platform aims to provide an opportunity to invest at the land stage and derive developer-level margins in the residential real estate sector.