About Company
EAAA India Alternatives
EAAA India Alternatives Limited is an alternative asset management platform in India focused primarily on Private Credit and Real Assets. The company was formerly known as Edelweiss Alternative Asset Advisors Limited and has been active in India's alternatives market for more than 17 years. Its business is focused on identifying private-market opportunities and creating investment solutions for domestic and global investors.
The Edelweiss India Real Estate Fund is a Category II Alternative Investment Fund (AIF) focused on India's real estate private-market opportunity set. The fund was created in 2017 and is registered with SEBI under IN/AIF2/16-17/0300. Its legal entity record remains active and identifies EAAA India Alternatives Limited as the managing fund parent.
For investors researching this product, one distinction is important: Edelweiss India Real Estate Fund is a separate AIF from Edelweiss Real Estate Opportunities Fund. They have different SEBI registration numbers and should not be treated as the same vehicle. The Edelweiss India Real Estate Fund carries registration number IN/AIF2/16-17/0300, while Edelweiss Real Estate Opportunities Fund is registered separately under IN/AIF2/16-17/0229.
What Is Edelweiss India Real Estate Fund?
The Edelweiss India Real Estate Fund is an India-focused Category II real estate AIF established in February 2017.
The fund provides access to private-market real estate investing through an institutional investment structure rather than through a conventional listed real-estate security or mutual fund.
However, publicly available information does not establish enough current scheme-level detail to state that the fund exclusively invests in a particular property segment, city, security type or financing structure. It would therefore be inappropriate to describe the fund as a direct property ownership vehicle, rental-income fund or construction-finance fund without relying on current fund documentation.
The broader real-estate capabilities of the platform include evaluating private-market opportunities where asset quality, sponsor capability, valuation, capital structure and exit visibility can influence investment outcomes.
Investors looking to understand the broader framework can read about a Category II Alternative Investment Fund.
Edelweiss India Real Estate Fund Snapshot
| Fund Parameter | Details |
| Fund Name | Edelweiss India Real Estate Fund |
| Category | Category II AIF |
| SEBI Registration Number | IN/AIF2/16-17/0300 |
| Entity Creation Date | 9 February 2017 |
| Investment Platform / Manager Association | EAAA India Alternatives Limited |
| Former Platform Name | Edelweiss Alternative Asset Advisors Limited |
| Investment Team | Sanjeev Rastogi and Sourabh Agrawal are identified in current EAAA team records |
| Legal Entity Status | Closed |
The registration and active legal-entity status are separately recorded in current entity and EAAA records.
Real Estate Investment Strategy and Market Focus
The Edelweiss India Real Estate Fund investment strategy is positioned around private-market opportunities in India's real estate ecosystem.
Real estate AIF investing can provide exposure to opportunities that are not readily available through listed real-estate companies or standard real-estate mutual funds. Depending on the fund mandate and underlying transactions, such strategies can involve equity, structured investments, credit-linked opportunities or other private-market structures.
For this particular fund, publicly available information reviewed for this page does not provide sufficient current documentation to assign a fixed allocation to specific property segments or geographic markets. The investment approach should therefore be understood at the India-focused private real estate level rather than being narrowed to a particular city or property category.
A real estate investment fund may assess opportunities through factors such as:
- Underlying asset quality
- Sponsor or developer track record
- Project economics
- Demand and supply conditions
- Capital structure
- Entry valuation
- Expected cash flows
- Regulatory and approval position
- Exit visibility
- Downside protection
- Property-market cycle
This is materially different from simply buying a physical property. The fund structure allows professional investment management, but it also introduces fund-level liquidity, valuation and execution considerations.
For investors comparing private-market exposure, the broader distinction between real estate and AIF investments can help clarify how these structures differ.
Investment Manager and Fund Management Team
The investment manager association for the Edelweiss India Real Estate Fund is with EAAA India Alternatives Limited, formerly Edelweiss Alternative Asset Advisors Limited.
Current EAAA records identify Sanjeev Rastogi and Sourabh Agrawal as key investment team members associated with the Edelweiss India Real Estate Fund. Earlier records also identified additional professionals in connection with the fund, but the current team disclosure should take precedence when describing the present investment team.
The platform's real-estate investment capabilities sit within its broader real-assets business. This matters because private real estate transactions typically require more than property-level analysis. The investment team may need to assess sponsors, transaction structures, capital requirements, legal arrangements, valuation assumptions and potential exit routes.
Investors should distinguish the fund manager/team associated with this AIF from professionals managing other Edelweiss real-estate funds. In particular, the team associated with Edelweiss Real Estate Opportunities Fund should not automatically be attributed to Edelweiss India Real Estate Fund.
Minimum Investment, Tenure and Fee Structure
The Edelweiss India Real Estate Fund minimum investment, current tenure and fund-specific fee structure have not been established from the reviewed primary materials available for this page.
This is an important distinction from the general Category II AIF framework. Category II AIFs are subject to applicable regulatory requirements, including minimum investment requirements prescribed under the prevailing AIF regulations, but a generic regulatory threshold should not be presented as the fund's current subscription amount without scheme-specific documentation.
Similarly, a real estate AIF may have multiple layers of costs, including management fees, operating expenses and performance-linked compensation depending on its governing documents. The exact fee arrangement must be taken from the relevant PPM, contribution agreement and latest investor documentation.
Therefore:
Investors should review the applicable AIF taxation in India and fund-cost documentation before committing capital.
Current Fund Status and Performance Disclosure
The Edelweiss India Real Estate Fund remains identifiable as an active legal entity, with the SEBI registration number IN/AIF2/16-17/0300. The entity record shows the fund was created on 9 February 2017 and remains active.
However, legal-entity status and subscription status are two different things.
An active AIF record does not by itself establish that investors can currently subscribe to the fund. No current subscription window has been established from the reviewed materials.
Similarly, no independently verified current fund-level return series has been established from the reviewed sources. Accordingly, no Edelweiss India Real Estate Fund returns or performance figures are presented here as current performance.
Current availability: Not established from the reviewed primary sources — refer to latest fund documents.
Current performance: Not established from the reviewed primary sources — refer to latest fund documents.
Who Can Consider Real Estate AIF Investments?
Real estate AIFs are generally relevant to investors who understand private-market investing and can tolerate longer investment horizons and limited liquidity.
An investor considering this category should be comfortable with:
- Private-market asset exposure
- Fund-level valuation methodologies
- Potentially long holding periods
- Limited or restricted liquidity
- Real estate market cycles
- Project and execution risk
- Sponsor and counterparty risk
- Capital being committed for an extended period
The structure can be relevant for eligible investors seeking diversification beyond listed equities, bonds and conventional real-estate investment products.
However, a real estate AIF should not be evaluated solely by looking at property-market growth. The actual investment structure, entry valuation, leverage, asset quality, fund terms and exit mechanism can have a substantial impact on investor outcomes.
Key Risks and Category II AIF Taxation
Real estate private-market investments carry several risks.
Property-market cycle risk
Real estate values and demand can move through cycles. Changes in interest rates, economic activity, employment, credit availability and regulatory policy can affect asset valuations and transaction activity.
Liquidity risk
Unlike listed REITs or listed securities, private real estate investments generally do not offer continuous market liquidity. Exits can depend on asset sales, refinancing, secondary transactions or other liquidity events.
Valuation risk
Unlisted assets do not have continuously quoted prices. Fund valuations may therefore depend on valuation methodologies, comparable transactions, cash-flow assumptions and independent valuation processes.
Execution risk
Real estate transactions can face delays involving approvals, construction, leasing, financing, litigation or other operational matters. Such issues can affect expected timelines and returns.
Concentration risk
Exposure to a limited number of assets, sponsors, transactions or real-estate segments can make fund performance sensitive to individual investments.
Leverage and financing risk
Where investments involve borrowing or structured financing, changes in interest costs, refinancing conditions or asset values can affect the economics of the investment.
Category II AIF taxation
Category II AIF taxation depends on the nature of income and the applicable provisions of Indian tax law. Broadly, eligible income other than business income may receive pass-through treatment, while business income is generally taxed at the fund level, subject to applicable provisions.
The actual tax outcome can vary based on the fund structure, character of income, investor status and changes in tax law. Investors should consult a qualified tax advisor before making an investment decision.
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Sanjeev Rastogi
Sanjeev Rastogi is a senior real-estate investment professional and currently serves as Fund Manager – Real Estate Credit at EAAA India Alternatives. EAAA states that he leads its real estate investments practice and has been with Edelweiss for more than a decade. His background combines civil engineering, building engineering and management, finance, real estate development and private-market investment management. His experience includes more than a decade at Edelweiss and an earlier stint as a partner at IL&FS Investment Managers Limited, where he was part of the team responsible for raising and managing an offshore real estate fund. His educational background includes an MBA in Finance from the University of Pittsburgh's Joseph M. Katz Graduate School of Business, a master's degree in Building Engineering and Management, and a bachelor's degree in Civil Engineering.
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Edelweiss India Real Estate Fund is an India-focused Category II Alternative Investment Fund established in 2017. It is registered with SEBI under IN/AIF2/16-17/0300 and is associated with EAAA India Alternatives Limited.
The fund is associated with EAAA India Alternatives Limited, formerly known as Edelweiss Alternative Asset Advisors Limited. Current EAAA records identify Sanjeev Rastogi and Sourabh Agrawal as key investment team members for the fund.
The fund is an India-focused private-market real estate AIF. The reviewed information does not establish a current fixed allocation to a particular city, property type or investment instrument. Investors should refer to the latest PPM and scheme documents for the precise investment mandate.
No. They are separate Category II AIFs with different SEBI registration numbers. Edelweiss India Real Estate Fund is registered under IN/AIF2/16-17/0300, while Edelweiss Real Estate Opportunities Fund is registered under IN/AIF2/16-17/0229.
The current fund-specific minimum investment has not been established from the reviewed primary sources. Investors should not assume that the general Category II AIF minimum or the minimum applicable to another Edelweiss fund automatically applies to this fund. The latest PPM and subscription documents should be checked for the applicable amount.
The fund's legal entity is recorded as active, but current subscription availability is not established from the reviewed primary sources. Investors should refer to the latest fund documents or confirm directly with the investment manager.
A verified current performance series has not been established from the reviewed sources. Therefore, no historical return figure is presented as the fund's current performance on this page. Where historical performance is published in future updates, it should be accompanied by its relevant reporting date, calculation methodology and whether the figure represents realised, unrealised or fund-level performance.
Investors should consider property-market cycles, valuation uncertainty, liquidity constraints, execution risk, concentration risk, financing risk and regulatory changes. Real estate investments can also take longer than expected to exit, particularly when transaction markets are weak. Investors should review the fund's latest PPM, financial statements, valuation methodology, portfolio information, fee schedule and exit provisions before investing.
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