About Company
Integrow Asset Management
Integrow Asset Management is a Mumbai-based real estate asset management company and tech-driven investment platform focused on democratizing access to high-quality real estate opportunities. It leverages institutional investment experience, proprietary technology, and active risk management to empower investors with direct access and transparency in residential and commercial property investments. The firm prioritizes long-term value by minimizing risk and generating appropriate risk-adjusted returns. Integrow also emphasizes strong cultural values, sustainability, and data-driven decision-making as part of its core capabilities and mission to broaden real estate investment participation in India.
Integrow Real Estate Special Situation Investment Trust
Fund Snapshot
| Fund | Integrow Real Estate Special Situation Fund | ||
| Fund Target Size | INR 500 cr+ INR 500 cr (Green Shoe Option) | ||
| Investment Manager | Integrow Asset Management Private Limited | ||
| Sponsor | INR 5 Cr | ||
| First Close | July 2022 | ||
| Third Close | 115.50 Crs: Feb 2024 | ||
| Target IRS | -22% -24 | ||
| Hurde Rate | 14% (Pre-tax) for all the units | ||
| Drowdown Schedule | 50% Upfront . Subsequent Drawdown as per deal approval | ||
| Term of the Fund | Earlier of 5 years from final close . Extendable upto 2 years | ||
| Corried interest | Catch-up till 20% (Profit share of 80:20 beyond hurdle) | ||
| Commitment Amount INR Cr | Management Fee | Set-Up Fee | Operating Expenses |
| >= 1<5 Cr | Upto 2.50% p.a. | Upto 2% | 0.5% p.a. |
| >=5 <25 Cr | Upto 2% p.a. | Upto 1% | 0.5% p.a. |
Integrow’s Investment Strategy
Integrow AMC follows ISME strategy- Identify, Secure, Monitor & Exit.
Identify
- Integrow identifies projects which are high in demand & are established
- Forecasting through & deal pricing through AI Driven app Arjava
- Proper due diligence through leading advisors & consultants
- Acting on recommendations from Investment committee
Secure
- Mortgage over entire project
- 100 % control over project cashflows & bank accounts
- Step in rights
- Punitive clauses for non-performance
- Share pledge of entity
- Promoter and Corporate guarantee of shareholders
Monitor and Exit
- Disbursement based on performance and milestones
- Sales, receivable tracking & pricing control through Arjava
- Expense and documentation management through Arjava
- Performance monitoring and compliance through Arjava
- Enhance value of project
- Priority in cashflow waterfall and exit distribution
Integrow Deal Evaluation Process
1. Approvals Package– The project to be RERA registered with approvals to commence plinth construction
2. Sales, Velocity & Pricing– Assessing the micro market sales velocity & pricing based on historical transactions & estimating the sales feasibility during the project life
3. Design Validation– Assessing the efficiency, design feasibility for the micro-market & ensuring the sales & regulatory designs are in sync
4. Developer & Ecosystem Governance– Compliance with local laws & record of all regulatory filings. Clear contractual obligation with land owners or buyers, defined milestones with service providers
Integrow Investment Checklist
Integrow enables direct investment in high-quality assets by conducting comprehensive due diligence, implementing stringent conditions, and employing real-time asset management for efficient monitoring and timely adjustments.
1) Return expectations: Mix of Coupon plus upside on Sales
2) Escrow Control: Both inflows & outflows monitored
3) Security: Complete project assets & shareholding of the developer SPV
4) Step in Rights: Intervention rights in a project to resolve business plan deviations
Asset Management through Arjava
Arjava has revolutionised real estate with precise monitoring, risk assessment & safe transactions. The advantage of Arjava are:
- Arjava gives an access to detailed insights on their dashboard
- Arjava helps to evaluate project & monitor the capabilities for better efficiency
- Arjava uses the blockchain technology for Trust & Transparency
Integrow Real Estate Special Situation Fund
Integrow is focused on debt & quasi equity investments in regions like Mumbai & MMR.
Indicative IRR
Gross IRR 22%-24%
-Fixed Coupon Payments- 10% – 14% per annum paid quarterly
-Redemption premium of instrument – 2% – 4%
Maximising Risk Adjusted Returns
Integrow ensures returns in private markets through operational excellence & maintaining strict control over processes, effectively navigating through a complex and uncertain landscape.
Balanced Portfolio Choices
Geography
– Healthy mix of projects across MMR & PMR
– Exposure to only established micro market
Counterparty
– Min 5 projects or 2.5 Lac sft of completed development
– Min 10 % of project cost
– Healthy track record of borrowing history & repayment
Project
– Development Potential>10,000 sqm
– Approved FSI with premium paid > 50 %
– RERA Completion in next 36-40 Months
Portfolio Positioning
Diversification Fix
– Geography <25 % in a single micro market
– Counterparty <25 % in a single developer group
– Project <15 % in a single project
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Ramashrya Yadav
A prominent figure in the Indian real estate sector with over 20 years of experience. He was previously the CEO of Real Estate at Edelweiss Financial Services, where he managed a portfolio exceeding ₹5,000 Crores. He is an alumnus of Harvard Business School.
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