Nuvama and Cushman & Wakefield's Prime Offices Fund has achieved a final close of ₹4,000 crore after strong investor demand, according to reports from Business Standard, Mint, and The Economic Times. The fund, which is a 50:50 joint venture between wealth management firm Nuvama Asset Management and global real estate consultant Cushman & Wakefield, has committed approximately 45% of its capital with the expanded corpus now fully subscribed. Once fully deployed over the next two to three years, the fund aims to build a portfolio with a gross asset value (GAV) of over ₹10,000 crore, as announced by NCW Management on Wednesday. The fund's current portfolio spans 4 million square feet with a gross asset value of ₹4,500 crore, with the portfolio expected to reach 8-9 million square feet once fully deployed across seven to nine assets. The fund was originally launched in 2024 with a target corpus of ₹3,000 crore, but strong investor demand led to the expansion above the original target.
The Prime Offices Fund has created a portfolio of approximately 4 million square feet of high-quality office spaces across the country, as reported by Business Standard. The fund maintains a diversified institutional-grade office platform across the top six office micro-markets in India: Delhi National Capital Region, Mumbai, Bengaluru, Pune, Chennai and Hyderabad. The portfolio is leased to more than 70 occupiers, with over 50% of tenants comprising global capability centres (GCCs) and more than 20% representing front-office operations. Around 60% of the fund's office space is occupied by global companies, while the rest is occupied by domestic occupiers. The fund's current investor base comprises domestic HNIs, ultra-HNIs and family offices across Indian cities, with the first fund raised entirely from domestic investors, including family offices and high net-worth and ultra-rich individuals.
Gaurav Puri, chief investment officer of NCW, stated that the successful final close of the Prime Offices Fund reflects conviction in both India's office sector and the firm's investment strategy, according to Business Standard, Mint, and The Economic Times. The fund has already invested about 45% of its capital, acquiring three office assets in Delhi, Pune and Chennai. The fund is currently present in three of the six target cities - Mumbai, Pune, Hyderabad, Bengaluru, Chennai and Delhi National Capital Region - with plans to expand into the remaining three cities. The objective is to expand into the remaining cities, while also investing in different micro-markets within the cities where we already have a presence. Puri emphasized that with a strong foundation now in place, the firm remains focused on disciplined deployment and long-term value creation as they pursue opportunities. He noted that India's office market continues to benefit from structural growth drivers, including the expansion of GCCs, growing front-office operations and sustained demand for high-quality workplaces. The next fund to launch will expand beyond the scope of the first, which was focused entirely on office assets, exploring alternate asset classes including data centres, industrial and logistics, co-working and co-living, while also exploring under-construction properties and including global allocations.
The strong performance of the Prime Offices Fund comes amid robust growth in India's real estate sector, with India's real estate sector recording an 189% year-on-year jump in investment volumes to $2,295 million in Q1 2026, according to property advisory CBRE. This represents the second-highest growth rate in the Asia-Pacific region after Singapore. The growth in commercial real estate investment volume comes on the back of sustained interest from domestic institutions, family offices, and global capital markets players, who are increasingly allocating to Indian real estate through direct acquisitions, Reits and structured debt instruments. Puri said the firm is currently working on the next fundraising cycle, with timing dependent on investment opportunities available for deployment. Investor interest has been encouraging in the current fundraise, with the immediate focus on deploying capital efficiently before determining the timing of the next fundraising cycle.
