The alternative asset manager is launching a multi-vehicle investment platform, with 30–40% of capital expected to flow in from UAE-based family offices and ultra-high-net-worth investors
Alternative asset management firm Nisus Finance is set to launch a real assets investment platform that will raise up to Rs 4,000 crore, targeting structured credit and equity opportunities across India’s rapidly expanding real estate sector. Nisus Finance Venture Capital Club is also set up for the initial investment in open-ended funds in alternative asset classes to raise from Rs 500 to Rs 1,500 crore.
The Fund Structure
One of Nisus Capital’s primary focuses is the firm’s flagship product, Niyam (Nisus Yield Asset Multiplier Fund). Niyam is classified as an Alternative Category II Fund that is expected to earn returns of anywhere from 24% to 28%. An anticipated total of INR 2,500 crore will be raised in India and another INR 700 crore will be raised as a “green shoe” option, while US$140 million will be raised through a structured instrument using GIFT City. The firm intends to have its first close by September or October 2026 and will complete the total amount raised within approximately 18 to 24 months.
Where the Capital Will Go
NiYAM intends to invest in 30-35 real estate transactions, with single-ticket sizes of Rs 100-150 crore. These will mostly be from major cities such as the Mumbai Metropolitan Region, Bengaluru, Hyderabad, Chennai, Ahmedabad, and Gurugram. Areas of focus include plotted developments, land aggregation, redevelopment projects, and other infrastructure-linked assets like warehousing and data centres.
Concentration risk will be mitigated by ensuring that no investment theme, geography, or counterparty will represent more than 20% to 50% of the total amount invested in the fund.
Why Now
Setting up this fund now is strategic; just in residential property, India saw 149 residential real estate deals between 1 January and December 2025, whereby land spanning about 3,093 acres worth Rs 54,818 crore had exchanged hands, opening up approximately229 million square feet for new residential real estate development. The combined cost of construction for these residential real estate developments is expected to be over INR 92,000 crore, with more than INR 52,000 crore requiring external financing. Structured funds such as Niyam are designed specifically to meet the financing gap that exists between construction costs and the amount that can be raised through traditional means.
Mumbai alone has a redevelopment opportunity estimated at nearly Rs 4 lakh crore, while plotted development projects worth approximately Rs 2.44 lakh crore were launched across major cities between 2022 and May 2025.
“The next cycle for real estate in India is increasingly being driven by land monetisation, redevelopment, and infrastructure-led assets,” said Amit Goenka, founder and chairman of Nisus Finance. “NiYAM was conceived to provide structured capital where conventional financing remains constrained.”
