Integrow Special Situation Fund

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About Fund Manager

Ramashrya Yadav (FOUNDER AND CEO)

The visionary behind Intergrow Asset Management Mr. Ram Yadav, a leading figure in India’s real estate industry, is a Harvard Business School alumnus with 20+ years of experience in Construction, Real Estate, Banking & Investment.

As the former CEO at Edelweiss – Real Estate, Mr. Yadav managed a stellar real estate portfolio of over 5,000 Crores. His exceptional investment & organizational skills were evident through the successful realizations of marquee transactions.

Mr. Yadav also made history by spearheading India’s first Real Estate IPO for Orbit Corportation Ltd., attracting major domestic & global institutional investors. He also serves as a Board Member for India’s first NSE listed Proptech Company, Aurum Proptech Ltd., solidifying his significant role in the real estate and Proptech sectors.

Integrow’s Investment Strategy

Integrow AMC follows ISME strategy- Identify, Secure, Monitor & Exit.

Identify

Integrow identifies projects which are high in demand & are established
Forecasting through & deal pricing through AI Driven app Arjava
Proper due diligence through leading advisors & consultants
Acting on recommendations from Investment committee

Secure

Mortgage over entire project
100 % control over project cashflows & bank accounts
Step in rights
Punitive clauses for non-performance
Share pledge of entity
Promoter and Corporate guarantee of shareholders

Monitor and Exit

Disbursement based on performance and milestones
Sales, receivable tracking & pricing control through Arjava
Expense and documentation management through Arjava
Performance monitoring and compliance through Arjava
Enhance value of project
Priority in cashflow waterfall and exit distribution

Integrow Deal Evaluation Process

1. Approvals Package– The project to be RERA registered with approvals to commence plinth construction
2. Sales, Velocity & Pricing– Assessing the micro market sales velocity & pricing based on historical transactions & estimating the sales feasibility during the project life
3. Design Validation– Assessing the efficiency, design feasibility for the micro-market & ensuring the sales & regulatory designs are in sync
4. Developer & Ecosystem Governance– Compliance with local laws & record of all regulatory filings. Clear contractual obligation with land owners or buyers, defined milestones with service providers

Integrow Investment Checklist

Integrow enables direct investment in high-quality assets by conducting comprehensive due diligence, implementing stringent conditions, and employing real-time asset management for efficient monitoring and timely adjustments.

1) Return expectations: Mix of Coupon plus upside on Sales
2) Escrow Control: Both inflows & outflows monitored
3) Security: Complete project assets & shareholding of the developer SPV
4) Step in Rights: Intervention rights in a project to resolve business plan deviations

Asset Management through Arjava

Arjava has revolutionised real estate with precise monitoring, risk assessment & safe transactions. The advantage of Arjava are:

Arjava gives an access to detailed insights on their dashboard
Arjava helps to evaluate project & monitor the capabilities for better efficiency
Arjava uses the blockchain technology for Trust & Transparency

Integrow Real Estate Special Situation Fund

Integrow is focused on debt & quasi equity investments in regions like Mumbai & MMR.

Indicative IRR

Gross IRR 22%-24%
-Fixed Coupon Payments- 10% – 14% per annum paid quarterly
-Redemption premium of instrument – 2% – 4%

Maximising Risk Adjusted Returns

Integrow ensures returns in private markets through operational excellence & maintaining strict control over processes, effectively navigating through a complex and uncertain landscape.

Balanced Portfolio Choices

Geography
– Healthy mix of projects across MMR & PMR
– Exposure to only established micro market

Counterparty
– Min 5 projects or 2.5 Lac sft of completed development
– Min 10 % of project cost
– Healthy track record of borrowing history & repayment

Project
– Development Potential>10,000 sqm
– Approved FSI with premium paid > 50 %
– RERA Completion in next 36-40 Months

Portfolio Positioning

Diversification Fix
– Geography <25 % in a single micro market
– Counterparty <25 % in a single developer group
– Project <15 % in a single project

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Fund Overview

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Fund	Integrow Real Estate Special Situation Fund
Fund Target Size	INR 500 cr+ INR 500 cr (Green Shoe Option)
Investment Manager	Integrow Asset Management Private Limited
Sponsor	INR 5 Cr
First Close	July 2022
Third Close	115.50 Crs: Feb 2024
Target IRS	-22% -24
Hurde Rate	14% (Pre-tax) for all the units
Drowdown Schedule	50% Upfront . Subsequent Drawdown as per deal approval
Term of the Fund	Earlier of 5 years from final close . Extendable upto 2 years
Corried interest	Catch-up till 20% (Profit share of 80:20 beyond hurdle)
Commitment Amount INR Cr	Management Fee	Set-Up Fee	Operating Expenses
>= 1<5 Cr	Upto 2.50% p.a.	Upto 2%	0.5% p.a.
>=5 <25 Cr	Upto 2% p.a.	Upto 1%	0.5% p.a.