Mt K Kapital launches $450 million real estate fund for expansion in top cities

Real estate fund manager Mt K Kapital has raised over ₹4,000 crore (around $450 million) for its second fund from both domestic and international investors, marking one of the largest fundraises by an Indian investment firm.

Supported by real estate developer Rustomjee Group, Mt K Kapital plans to partner with developers in major markets like Mumbai, the National Capital Region, Pune, and Bengaluru. The fund aims to invest at the acquisition stage or even before projects get approvals.

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“The Mt K platform aligns interests across stakeholders in the development cycle, and the first fund’s performance has reinforced this approach,” Binitha Dalal, founder and managing partner, Mt K Kapital, said. “With the second fund, we plan to expand into Pune, Bengaluru, and NCR and broaden developer partnerships. Investor support in the first fund has guided our approach, and we aim to structure projects that allow effective execution and timely delivery to customers.”

The India credit fund, with a seven-year tenure, will focus on residential, mixed-use, and redevelopment projects that can be completed within five years.

It plans to invest around ₹300 crore per project on average, with the first deployment expected by the March quarter. General partners have contributed about $100 million to the fund.

The fundraise comes as the real estate sector shows strong momentum, driven by steady residential demand, fast sales, and consolidation around established developers. Access to structured capital is becoming important for acquiring and completing projects, especially land-led and redevelopment opportunities in major cities.

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“The first fund, a Rs 790-crore MMR-focused vehicle, has established the platform’s approach to underwriting, project monitoring, and investor engagement,” said Boman Irani, CMD, Rustomjee Group. “We expect the strategy to scale with the second fund and strengthen the platform’s position as an institutional capital provider to the real estate sector.”

Mt K Kapital’s first fund established its presence in real estate investing and the company plans to expand this strategy with the second fund by partnering with established developers in markets with strong housing demand and improving affordability.

The new fund will focus on projects with clear timelines and predictable cash flows, aiming to invest at the early acquisition stage while relying on strong on-ground execution.

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