- SWAMIH Investment Fund
SWAMIH Investment Fund
Focus: GS III: Indian Economy
Why in News?
PM congratulated new home owners in Bengaluru’s first project under SWAMIH Fund
What is the Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund?
- The SWAMIH Investment Fund is a social impact fund that aims to complete stalled and distressed residential projects in India.
Sponsor and Management:
- The Fund is sponsored by the Ministry of Finance, Government of India, and is managed by SBICAP Ventures Ltd., a State Bank Group company.
- It is a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.
Lender of Last Resort:
- The Fund is considered as the lender of last resort for distressed projects.
- It considers first-time developers, established developers with troubled projects, developers with a poor track record of stalled projects, customer complaints and NPA accounts, and even projects where there are litigation issues.
Catalyst for Better Collections and Sales:
- The Fund’s presence in a project often acts as a catalyst for better collections and sales, primarily in projects that were delayed for years.
- It is one of the largest domestic real estate private equity teams in India focused only on funding and monitoring the completion of stressed housing projects, according to the Finance Ministry.
What is Alternate Investment Fund?
- Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.