Alternative asset manager EAAA Alternatives has successfully raised over Rs 2,500 crore through the final close of its multi-strategy real assets fund, and this achievement establishes it as a pioneering diversified platform.
Therefore, the company becomes the first such diversified real assets platform in India’s domestic alternative investment space. The Infrastructure and Real Assets Fund, a Category II Alternative Investment Fund (AIF), has a structured base corpus of Rs 1,000 crore, and it includes a green shoe option of Rs 1,500 crore.
Moreover, the fund will be deployed across a broad and diversified range of real asset segments, and these segments include energy, transport, warehousing, and structured transactions. In addition, the platform will invest through private infrastructure investment trusts, or InvITs, and this approach strengthens strategic flexibility. Consequently, EAAA Alternatives will operate this fund as a true multi-strategy investment vehicle. Furthermore, the company’s strategy will focus on assets with proven operating models that offer predictable cash flows, supported by strong counterparties and long-term contracts or concession arrangements.
“We have focused on building products that reflect growing investor requirements for long-term yield and income. With infrastructure funds, commercial real estate funds, energy transition funds, and now the multi-strategy real assets fund, the effort has been to raise patient capital and create portfolios that offer diversification and steady and predictable returns in the long term,” Subahoo Chordia, CEO, EAAA Alternatives, said.
Additionally, the fund is expected to make between seven and 10 investments, and the deployment horizon will span three to four years. Therefore, the company will follow a disciplined investment schedule. The platform positions this fund as a medium-risk strategy, and it aims to provide diversification across asset classes and asset life cycles. Meanwhile, returns are expected to be generated through a combination of annual yield distributions and capital gains on exit. Thus, the strategy ensures multiple return levers.
The new fund is targeting a gross IRR in the range of 18% to 20%, and this target aligns with strong historical performance. Furthermore, the strategy builds on the performance of the Infrastructure Yield Plus series, and this series is currently tracking at a gross internal rate of return of around 20%. Therefore, EAAA Alternatives is leveraging a proven blueprint for success.
Importantly, the fund will leverage EAAA’s in-house operational expertise to drive asset-level value creation, and this model emphasizes deep engagement. Moreover, the company will prioritize the use of technology and adherence to high standards of environmental and social risk management. Consequently, this fund adds to EAAA Alternatives’ expanding real assets platform that invests across transportation, energy, and commercial real estate assets characterized by low counterparty risk and long residual tenures.
As of the end of September, the real assets business managed seven active funds and one infrastructure investment trust, and it reported aggregate assets under management of around Rs 22,000 crore. In addition, the portfolio has expanded to more than 30 assets from only four assets in 2021, and this growth demonstrates rapid scaling.
Meanwhile, EAAA Alternatives has also sponsored Citius Transnet Investment Trust, a transport-focused InvIT, and this trust has already filed its draft offer document with the capital market regulator. Therefore, the company continues to broaden its infrastructure ecosystem. The trust will acquire, manage, and invest in a portfolio of transport infrastructure assets, including roads across India.
Furthermore, the Infrastructure Yield Plus fund series remains the firm’s largest and most established strategy. The first Infrastructure Yield Plus fund closed in 2020, raising around Rs 3,280 crore, and it is currently in the process of exiting investments. Moreover, Infrastructure Yield Plus II raised around Rs 8,800 crore and closed in 2024.
In 2025, the company also closed a commercial real estate fund with commitments of around Rs 4,200 crore, focused on Bengaluru, Gurugram, Pune, Mumbai, Chennai, Hyderabad, and other major cities. Therefore, EAAA Alternatives is steadily building a strong suite of alternative investment products.
