Alternative asset manager EAAA Alternatives has successfully secured over Rs 2,500 crore with the final closing of its multi-strategy real assets fund, marking a significant milestone as the first diversified platform in India’s domestic alternative investment sector.
The Infrastructure and Real Assets Fund, officially categorized as a Category II Alternative Investment Fund (AIF), starts with a base corpus of Rs 1,000 crore and includes a greenshoe option of Rs 1,500 crore.
The fund aims to diversify investments across various real asset sectors such as energy, transportation, warehousing, and structured deals including private infrastructure investment trusts (InvITs), thus establishing itself as a multi-strategy platform.
EAAA Alternatives plans to focus its fund strategy on assets that boast tested operating models, providing reliable cash flows backed by reputable counterparties and long-term contracts or concessions.
“We are committed to developing products that meet the growing demand from investors for long-term yields and income. Our portfolio includes infrastructure funds, commercial real estate funds, an energy transition fund, and now the multi-strategy real assets fund, with a focus on raising patient capital while creating diversified portfolios that ensure consistent and predictable long-term returns,” stated Subahoo Chordia, CEO of EAAA Alternatives.
Over a deployment timeframe of three to four years, the fund is anticipated to make between seven and ten investments, positioning itself as a medium-risk strategy designed to provide diversification across both asset classes and life cycles.
Projected returns will stem from a mix of annual yield distributions and capital gains upon exit. The new fund is targeting a gross internal rate of return (IRR) between 18% and 20%, building upon the success of its Infrastructure Yield Plus series, which currently tracks a gross IRR of approximately 20%.
The fund will utilize EAAA’s in-house operational expertise to enhance asset-level value creation through robust operational engagement, technological integration, and strict adherence to high environmental and social risk management standards.
This fund further expands EAAA Alternatives’ real assets platform, which encompasses investments in transportation, energy, and commercial real estate assets known for their low counterparty risk and extended residual tenures.
As of the end of September, the real assets division manages seven active funds and one infrastructure investment trust, with total assets under management nearing Rs 22,000 crore.
EAAA has also sponsored the Citius Transnet Investment Trust, a transport-focused infrastructure investment trust in the process of filing its draft offer document with the capital market regulator. This trust is designed to acquire, manage, and invest in a portfolio of transportation infrastructure assets throughout India, including roads.
Since 2021, the real assets portfolio has expanded from four to over 30 assets. The Infrastructure Yield Plus fund series continues to be the firm’s principal strategy, with the inaugural fund closing in 2020, securing approximately Rs 3,280 crore, and is currently in the exit process. Infrastructure Yield Plus II raised approximately Rs 8,800 crore and closed in 2024.
EAAA also finalized a commercial real estate fund with commitments around Rs 4,200 crore as of 2025, focusing on cities like Bengaluru, Gurugram, Pune, Mumbai, Chennai, and Hyderabad.
Additionally, the Energy Transition Fund reached its first close in October 2025, targeting Rs 4,500 crore with Rs 1,450 crore raised to date, which includes a commitment of around Rs 550 crore from EIB Global, the development arm of the European Investment Bank.
