Milestone Domestic fund closes at Rs 250 crore

Mumbai, Sep 5 (UNI) Milestone real-estate fund today announced the closing of its first fund, Milestone Domestic Scheme (MDS) fund, at Rs 250 crore.

The fund, which was open for domestic investors, was fully subscribed by a diverse set of investors including high net-worth individuals (HNIs), financial institutions and big corporate houses, said the Company in a statement today.

''A major contribution for the fund has to come from the growing tier-2 and tier-3 cities. We are the first fund with a clear focus on this segment,'' Milestone Managing Director Ved Prakash Arya said.

MDS, which had offered a minimum investment commitment of Rs 25 lakh for individuals, is one of the first real-estate investment funds in India and has opened up a new segment for investors who want to diversify their portfolios without investing directly in real-estate, Mr Arya added.

UNI