The Godrej family office is taking over the fund management company set up last year by Godrej Properties. A source in the know said the group, led by Adi Godrej, wanted it to operate as a full-fledged fund management business where it could invest in projects of other developers. “The group feels the fund management arm can stand on its own,” the source said.
The deal value could not be ascertained. Godrej Fund Management raised $275 million (Rs 1,900 crore) from international investors last year to invest in the property developments of Godrej Properties. Dutch pension fund asset manager APG Asset Management, came in as the lead investor for Godrej Residential Investment Program II (GRIP II) fund. Godrej Properties holds a 20 per cent stake in the platform. Karan Bolaria, a senior executive at Godrej Properties, was appointed head of the fund management arm. Sources said Bolaria would continue to head the arm after the family office took over.