Global alternative asset manager Carlyle Group has invested approximately $26 million (Rs. 119.3 crore) in Jerry Rao’s low budget housing, Value and Budget Housing Corporation (VBHC) for a minority equity interest in the company..Existing investors in VBHC, which include HDFC and India Financial Inclusion Fund, have also committed additional capital alongside Carlyle, according to VCCircle..AZB & Partners advised Carlyle Group with a team led by Partner Srinath Dasari..Dave & Girish & Co. advised VHBC with a team led by Partner G. M. Dave..VCCircle reports, the funding will be used by VBHC to finance the building of new homes for its flagship project Vaibhava in Bangalore. The investment will come from FCG IX, a part of Carlyle Asia Growth Partners IV which is a $1.04 billion sector-agnostic growth capital fund..VHBC will plan projects in the urban periphery, well-connected to the city’s central transportation system. The company is targeting to build one million homes in the next 10 years, across urban India..This is the second investment of the year by a global private equity firm in India’s affordable housing space. Earlier, Warburg Pincus set up a Rs. 1,400 crore JV with its portfolio company Lemon Tree Hotels.
Global alternative asset manager Carlyle Group has invested approximately $26 million (Rs. 119.3 crore) in Jerry Rao’s low budget housing, Value and Budget Housing Corporation (VBHC) for a minority equity interest in the company..Existing investors in VBHC, which include HDFC and India Financial Inclusion Fund, have also committed additional capital alongside Carlyle, according to VCCircle..AZB & Partners advised Carlyle Group with a team led by Partner Srinath Dasari..Dave & Girish & Co. advised VHBC with a team led by Partner G. M. Dave..VCCircle reports, the funding will be used by VBHC to finance the building of new homes for its flagship project Vaibhava in Bangalore. The investment will come from FCG IX, a part of Carlyle Asia Growth Partners IV which is a $1.04 billion sector-agnostic growth capital fund..VHBC will plan projects in the urban periphery, well-connected to the city’s central transportation system. The company is targeting to build one million homes in the next 10 years, across urban India..This is the second investment of the year by a global private equity firm in India’s affordable housing space. Earlier, Warburg Pincus set up a Rs. 1,400 crore JV with its portfolio company Lemon Tree Hotels.