Kautilya Finance BV, a real estate investment platform backed by the Washington State Investment Board (WSIB), has successfully exited its non-convertible debenture (NCD) investments in Delhi-based developer DASNAC. According to reports from Money Control, the exit comes after generating aggregate cash proceeds of around ₹550 crore in FY26, as per the company. The exit concludes a multi-year investment relationship through foreign portfolio investor (FPI) and alternative investment fund (AIF) structures, with proceeds including repayments of the invested principal and contractual interest earned on the portfolio.
The investment journey began in 2017 when Kautilya Finance BV first committed ₹201 crore to listed NCDs issued by E-Homes Infrastructure Pvt Ltd (EHIPL), a special-purpose vehicle of the developer. As reported by Money Control, this initial investment was followed by additional exposure through listed and unlisted NCDs, including investments routed through Kautilya Real Estate Fund, an India-focused AIF. The funds were strategically deployed across DASNAC's luxury and prominent residential development projects in Noida, including DASNAC The Jewel of Noida (Sector 75), DASNAC Burj Noida (Sector 75), and other key developments. Kautilya Finance BV, the Netherlands-based FPI managed by Aevitas Property Partners, first invested in the DASNAC group in 2017, with the company being a special-purpose vehicle of the developer.
While the debt investment has now been fully exited, DASNAC and Aevitas have held preliminary discussions on a potential equity investment in the developer. According to reports from Money Control, however, no agreement has been finalised, with the company stating that no formal agreement has been reached. The Washington State Investment Board manages retirement and other institutional funds for beneficiaries in the US state of Washington, with its exposure to Indian real estate channelled through Aevitas and the Kautilya platform using FPI and AIF investment routes.
DASNAC is a prominent real estate developer, engineering, and architectural firm in North India with presence across residential, retail, office, student housing and hospitality segments in Noida. As reported by Money Control, the group has developed over 15 million square feet across 100 residential, commercial and other projects, with some of its popular developments including DASNAC Arc, DASNAC Place, DASNAC Yuva and DASNAC Westminster. The company is known for notable Noida projects such as The Jewel of Noida and Burj Noida in Sector 75.
