HDFC Capital Advisors has formed HDFC Capital Development of Real Estate Affordable and Mid-income Fund (H-DREAM Fund), which has raised funds from various investors, both domestic and international, including International Finance Corporation (IFC) as an anchor investor.

Trilegal advised HDFC Capital Advisors on the formation of H-DREAM Fund and the subsequent fundraise. The Firm provided strategic legal advice on the fund’s structure and formation, and led the drafting, negotiation, and finalization of the contribution agreements and side letters with all participating investors.

The transaction team was led by Sai Krishna Bharathan (Partner) and Pallabi Ghosal (Partner), with support from Mahaveer Rajguru (Senior Associate) and Associates Kishan Kumar and Nivruthi Pasupunuri.

Argus Partners advised an institutional investor on its investment in the H-DREAM Fund.

The transaction team consisted of Adity Chaudhury (Partner) and Associates Mahek Shivnani and Suvanwesh Das.

H-DREAM Fund is among the first private credit funds globally focused on increasing sustainable affordable and mid-income housing in urban India. It is one of the largest sustainability-led affordable housing funds in India with a target size of USD 1 billion and among the largest globally. It also marks the biggest supply-side financing initiative in this segment.

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