Performing real-estate private credit fund research profile
Nisus Real Estate Credit Opportunities Fund I is a Category II real-estate credit fund providing senior-secured NCD capital to late-stage mid-income housing and urban-infrastructure projects. Public evidence identifies Shriram Properties’ Chirping Ridge, Skytech Estates, Puranik Builders’ Rumah Bali and Tokyo Bay, and Shriram’s Sarjapur and Devanahalli projects.
At a glance
Research profile
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
Nisus Real Estate Credit Opportunities Fund I uses a performing real-estate private credit; senior secured project finance approach across Residential real estate, urban infrastructure, mid-income housing.
Current evidence
Nisus’s 2025–26 corporate presentation continued to report RECOF-I as nearly exited and identified Chirping Ridge as a completed credit exit; the official RECOF-I page remains current with fund terms and manager details.
Strategy
Performing real-estate private credit; senior secured project finance
Sector focus
Residential real estate, urban infrastructure, mid-income housing
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Nisus’s 2025–26 corporate presentation continued to report RECOF-I as nearly exited and identified Chirping Ridge as a completed credit exit; the official RECOF-I page remains current with fund terms and manager details.
Investor questions
Nisus Real Estate Credit Opportunities Fund I is covered in Rupeia's private credit research universe. The current public record describes the strategy as Performing real-estate private credit; senior secured project finance, with a sector focus of Residential real estate, urban infrastructure, mid-income housing. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Nisus Real Estate Credit Opportunities Fund I in the reviewed public sources: Shriram Properties Chirping Ridge; Skytech Estates; Puranik Builders Rumah Bali; Puranik Builders Tokyo Bay; Shriram Properties Sarjapur; Shriram Properties Devanahalli. It does not represent a complete current portfolio unless the manager has published one.
Nisus disclosed a 19% IRR exit from Shriram Properties’ Chirping Ridge and public research identifies successful exits from Puranik Builders projects. These are investment-level outcomes; audited fund-level net returns are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: INR 500 crore target including INR 200 crore green shoe.. Public terms or access information: Four-year term, extendable by two years; senior secured NCDs for brownfield residential plotting and urban-infrastructure projects; 12% pre-tax hurdle and 20–21% target gross IRR are disclosed on the official fund page.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Sunil Agarwal (Investment Manager leadership); Amit Goenka (Founder, MD & CEO); Avadhoot Sarwate (CIO). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: The complete RECOF-I borrower schedule, current balances, fees/carry and net returns are not publicly disclosed. Exited and active project names are included only where fund-specific public evidence identifies RECOF-I..
2026-09-01: Nisus’s 2025–26 corporate presentation continued to report RECOF-I as nearly exited and identified Chirping Ridge as a completed credit exit; the official RECOF-I page remains current with fund terms and manager details.
Next step
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