Private Equity/Affordable housing, mid-income housing, residential platforms, housing technology
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HDFC Capital Affordable Real Estate Fund 3

Real-estate private equity and flexible capital fund research profile

HDFC Capital Affordable Real Estate Fund 3 is a large India-focused Category II AIF investing flexible debt and equity capital into affordable and mid-income housing. Public evidence ties H-CARE 3 to developer platforms with House of Abhinandan Lodha, Arvind SmartSpaces, Shapoorji Pallonji and TVS Emerald, as well as a disclosed Keystone Realtors holding.

At a glance

Founded
2022
Footprint
Mumbai
Stage
Real-estate private equity and flexible capital; affordable and mid-income housing

Research profile

Read the manager in sequence.

Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.

Investment lens

HDFC Capital Affordable Real Estate Fund 3 uses a real-estate private equity and flexible capital; affordable and mid-income housing approach across Affordable housing, mid-income housing, residential platforms, housing technology.

Current evidence

HDFC Capital’s 2026 official materials continue to list H-CARE 3 as an active Category II AIF manager vehicle, while its 2026 stewardship disclosure confirms H-CARE 3’s role alongside the newer H-DREAM funds.

Strategy

Real-estate private equity and flexible capital; affordable and mid-income housing

Sector focus

Affordable housing, mid-income housing, residential platforms, housing technology

AIF structure context

Indian private equity, growth, buyout and many real-asset strategies are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.

Current signal

HDFC Capital’s 2026 official materials continue to list H-CARE 3 as an active Category II AIF manager vehicle, while its 2026 stewardship disclosure confirms H-CARE 3’s role alongside the newer H-DREAM funds.

Investor questions

HDFC Capital Affordable Real Estate Fund 3 research questions

What is HDFC Capital Affordable Real Estate Fund 3's investment strategy?

HDFC Capital Affordable Real Estate Fund 3 is covered in Rupeia's private equity research universe. The current public record describes the strategy as Real-estate private equity and flexible capital; affordable and mid-income housing, with a sector focus of Affordable housing, mid-income housing, residential platforms, housing technology. The profile should be read with the linked source trail and Typical route: Category II AIF context.

What portfolio evidence is available for HDFC Capital Affordable Real Estate Fund 3?

The profile displays only company or asset names attributable to HDFC Capital Affordable Real Estate Fund 3 in the reviewed public sources: House of Abhinandan Lodha platform; Arvind SmartSpaces platform; Shapoorji Pallonji housing platform; TVS Emerald plotted-development platform; Keystone Realtors. It does not represent a complete current portfolio unless the manager has published one.

What is known about HDFC Capital Affordable Real Estate Fund 3's performance or track record?

Public sources disclose platform commitments and project partnerships but do not publish audited H-CARE 3 net IRR, DPI or TVPI. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.

What are HDFC Capital Affordable Real Estate Fund 3's fund size, fees and minimum investment?

Public fund size: H-CARE 3 Scheme 2 initial close of US$376 million; H-CARE 3 Schemes 1 and 2 were described as part of a US$3.1 billion HDFC Capital platform.. Public terms or access information: Long-term flexible debt and equity across the housing-project lifecycle, including land, approvals and last-mile financing; vehicle-level fees, carry, hurdle, tenor and reserve policy are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.

Who is on HDFC Capital Affordable Real Estate Fund 3's investment team?

The current source record names Vipul Roongta (CEO); Kunal Mistry (Chief Investment Officer); Alan Goh (senior investment leadership). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.

What risks should be reviewed before investing with HDFC Capital Affordable Real Estate Fund 3?

Review entry valuation, leverage, governance rights, concentration, execution of the value-creation plan and exit timing. The current open diligence point is: H-CARE 3 has multiple schemes and flexible debt/equity mandates; the complete scheme-level portfolio, fees, carry, current NAV and net returns are not publicly disclosed. Named positions are limited to direct H-CARE 3 attributions..

What is the latest public update on HDFC Capital Affordable Real Estate Fund 3?

2026-05-01: HDFC Capital’s 2026 official materials continue to list H-CARE 3 as an active Category II AIF manager vehicle, while its 2026 stewardship disclosure confirms H-CARE 3’s role alongside the newer H-DREAM funds.

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