Real estate fund NCW, a joint venture between Nuvama and Cushman & Wakefield, has raised about ₹4,000 crore from investors and committed 45 per cent of the capital in office assets across major cities, according to a statement on Wednesday.
Fund Details and Structure
Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW) is an equal joint venture between Nuvama Asset Management and Cushman & Wakefield. The fund, named 'PRIME Offices Fund', was originally launched with a target corpus of ₹3,000 crore. However, due to strong investor demand and sizable deployment across India's office markets, the corpus was increased to about ₹4,000 crore at final close. The fund has already committed about 45 per cent of its capital.
| Metric | Value |
|---|---|
| Fund Name | PRIME Offices Fund |
| Raised Corpus | ~ ₹4,000 crore |
| Original Target | ₹3,000 crore |
| Capital Committed | ~ 45% |
| JV Partners | Nuvama Asset Management (50%), Cushman & Wakefield (50%) |
| Portfolio Created | ~ 4 million sq ft of office spaces |
Investment Strategy and Market Context
Gaurav Puri, Chief Investment Officer of NCW, said: "The successful final close of PRIME reflects conviction in both India's office sector and our investment strategy." He noted that India's office market continues to benefit from structural growth drivers, including the growth of Global Capability Centres, expanding front-office operations, and sustained demand for high-quality workplaces. The fund was launched to provide Indian investors access to institutional-quality commercial office assets in India. Since its launch, PRIME Fund has created a portfolio of about 4 million square feet of high-quality office spaces across the country.
Implications for Capital Markets and Investors
For finance executives, treasury professionals, and investors, this fundraising signals continued investor appetite for Indian commercial real estate, particularly in the office segment. The size and speed of the close indicate robust liquidity flows into alternative asset classes. The 45% capital commitment suggests active deployment, which may influence demand for construction and fit-out financing. The involvement of Cushman & Wakefield as a joint venture partner adds real estate expertise, potentially mitigating investment risk. This development underscores the depth of capital markets for alternative assets in India, with direct relevance for those tracking capital flows affecting emerging markets.
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