Certus raises $15.7M first close for second India real estate fund
What's the deal? Certus CapitalDealroom has a profile for this one. Try Dealroom →, a real estate investment and advisory firm founded by former KKR executive Ashish Khandelia, has hit the first close of its second fund, raising US$20.4M (around $15.7 million). The Certus India Opportunities Fund 2 targets a US$67.9M corpus, with a green-shoe option of another US$67.9M.
Who's backing it? The fund draws largely on domestic investors, with some participation from non-resident Indians (NRIs). Mumbai-listed Tourism Finance Corporation of India (TFCI)Dealroom has a profile for this one. Try Dealroom → came in as a key limited partner, contributing 10% of the target corpus.
What's the endgame? Certus wants to expand its strategy across real estate asset classes as it scales the platform. It targets around 15% net returns from performing real-estate credit investments, focused on mid-market-plus and premium residential projects.
How it works: Certus uses its own balance sheet to close transactions, then sells down portions of the bonds to investors including wealth firms, institutions, and non-banking financial companies (NBFCs). "This allows us to recycle capital into new transactions while retaining control over the underlying security structure," Khandelia said.
By the numbers: Since inception, Certus has committed close to US$339.5M across deals, including two international transactions, and completed eight exits. Its current assets under management stand at more than US$135.8M.
Why now? Certus deployed US$135.8M over the three years through FY25, then another US$135.8M in the six months between January and June 2026. Recent commitments include US$37.3M to a last-mile deal with Hyderabad's Vasavi GroupDealroom has a profile for this one. Try Dealroom → and US$37.3M in a 4S DevelopersDealroom has a profile for this one. Try Dealroom → project on Gurugram's Dwarka Expressway.
The signal: Certus is betting on residential credit, which accounts for 70-75% of its portfolio concentrated in tier-one markets such as Chennai, Hyderabad, Mumbai, and NCR. With repeat investors making up more than 70% of its base and roughly 100 new investors joining monthly, the firm is scaling a self-funded model that lets institutions and offshore backers participate on their own terms.
Read more: VC Circle
Image credit: <DEEPAK GUPTA>
