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Gujarat-based Shivalik Investment Fund (SIF), a Category II Alternative Investment Fund (AIF), has secured 50% of its targeted corpus of Rs 150 crore as the first close of its inaugural fund. The fund also aims to raise an additional Rs 150 crore under the green shoe option.

Shivalik Group, a real estate developer based in Ahmedabad, has attracted significant interest from high-net-worth individuals and family offices in the first close. The fund primarily targets investments in residential and commercial sectors, as well as plotting projects in Ahmedabad’s high-growth areas.

“Ahmedabad’s real estate market is entering a transformative phase, driven by infrastructure development, rising incomes, and increased demand for premium residential and commercial properties. Shivalik Investment Fund is well-positioned to leverage these trends through our professionally managed fund, offering investors an opportunity to be part of Shivalik’s growth story,” said Piyush Kothari, Executive Director, Shivalik Investment Fund.

Shivalik Group has delivered over 75 landmark projects, contributing to more than 15 million square feet of real estate development. The group has also developed over 12 micro markets across Ahmedabad with its projects.

“Our successful first closure of the fund demonstrates our commitment to leveraging our financial and development expertise to enhance our presence in Ahmedabad and maximise returns for our investors,” added Chitrak Shah, Founder and Managing Director, Shivalik Group.