Secura Investment Management India Pvt Ltd has launched its first real estate venture capital fund. The fund aims to ensure flow of investment in real estate and infrastructure development sector, thereby creating opportunities for organised investment in the field.
Secura India Real Estate Fund is the first venture capital fund in Kerala and is registered with SEBI. The company, headquartered in Kozhikode, makes its investments in accordance with SEBI guidelines. The fund operates in accordance with the Shariah laws and regulations, Mr M.A. Mehaboob, Managing Director, Secura, said.
Secura is jointly promoted by the hi-lite group, a major real estate player in the State, and professionals from the investment management sector.
The initial corpus of the fund will be Rs 50 crore and the company, which is to concentrate in the State real estate market, is targeting Rs 1,000 crore in the next 2-3 years, he said.
The primary objective is to carry out the activity of a venture capital fund and for raising resources to make available venture capital assistance to portfolio companies in the real estate and allied sectors. The fund is mid-term growth-oriented one and investment will be made in promising development projects, he said.
The investment collection, usage and distribution of the fund will be monitored by an independent trustee to ensure investment security.
The Mumbai-based IL&FS Trust Company Ltd, a subsidiary of Infrastructure Leasing and Financial Services, is the trustee of the fund.
The Shariah advisor of Secura is the Taqwa Advisory and Shariah Investment Solutions Pvt Ltd (TASIS). TASIS ensures that the conditions and the fund investments are in accordance with the Shariah regulations, Dr Shariq Nisar, Director, TASIS, said.
The working of the fund has to be reported to the SEBI and TASIS once in every three months and IL&FS will check the report every month as well. The annual auditing is carried out by Deloitte Haskins and Sells, he added.
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