Motilal Oswal Alternates Exits ₹1,155 Crore Realty Fund, Delivers 20.4% IRR.

IREF IV completes exits from all 37 investments across seven cities, highlighting the growing role of alternative capital in Indian real estate.

Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Group, has fully exited its fourth real estate fund, India Realty Excellence Fund IV (IREF IV), completing exits from all 37 investments across seven cities. Launched in 2020 with a corpus of ₹1,155 crore, the fund generated a portfolio internal rate of return (IRR) of 20.4%. It provided structured capital to established developers, primarily for residential projects at the pre-approval stage. The portfolio included developers such as Casagrand, Puravankara, Kolte Patil Developers, Urbanrise and Phoenix. Despite challenges from the COVID-19 pandemic, rising interest rates, higher construction costs and geopolitical disruptions, the firm focused on capital protection and active asset management. With IREF IV’s closure, three of the platform’s six real estate funds have been fully exited. Its latest fund, IREF VI, continues to deploy capital in selected residential projects. The platform has funded over 100 million sq ft of real estate and manages cumulative real estate assets exceeding ₹11,000 crore, reflecting the growing importance of alternative financing as traditional lending remains selective.