Priority last-mile debt for stalled residential projects fund research profile
SWAMIH Investment Fund I is a government-backed Category II AIF managed by SBI Ventures that provides priority last-mile debt to stalled affordable and mid-income housing projects. Its official fund page names a dedicated investment team and success-story projects, while government and project records attribute additional financings and exits to the vehicle.
At a glance
Research profile
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Investment lens
SWAMIH Investment Fund I uses a priority last-mile debt for stalled residential projects approach across Affordable housing, mid-income housing, stressed real estate.
Current evidence
The Ministry of Finance reported on 8 January 2026 that SWAMIH Fund had fully committed its investible corpus, with more than 145 projects across 30 cities. SBI Ventures’ 2025 media update records completion of 50,000 homes and names Avant Hillways, Vision Heights and Shubham Trident among projects receiving handovers.
Strategy
Priority last-mile debt for stalled residential projects
Sector focus
Affordable housing, mid-income housing, stressed real estate
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
The Ministry of Finance reported on 8 January 2026 that SWAMIH Fund had fully committed its investible corpus, with more than 145 projects across 30 cities. SBI Ventures’ 2025 media update records completion of 50,000 homes and names Avant Hillways, Vision Heights and Shubham Trident among projects receiving handovers.
Investor questions
SWAMIH Investment Fund I is covered in Rupeia's private credit research universe. The current public record describes the strategy as Priority last-mile debt for stalled residential projects, with a sector focus of Affordable housing, mid-income housing, stressed real estate. 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 SWAMIH Investment Fund I in the reviewed public sources: Taruchaya Residency; Paranjape Blueridge; Naman Premier; Mantri Serenity; The Kalpak Homes; Flora Avenue; Windspace Amelio; Upper East 97; CCI Rivali Park Wintergreens; Oxirich Sunskriti II; Amrapali Silicon City-1; Amrapali Silicon City-2; Amrapali Crystal Homes; Amrapali Centurian Park Low Rise; Amrapali O2 Valley; Amrapali Tropical Garden. It does not represent a complete current portfolio unless the manager has published one.
SBI Ventures reports more than 61,000 homes delivered and the official 2026 government update records more than 145 projects, 55 full exits and 44 partial exits. These are fund-level impact and outcome disclosures; audited vehicle-level net IRR, DPI and loss rates 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 15,530 crore final close reported by SBI Ventures in December 2022.. Public terms or access information: Category II AIF providing priority debt financing for stalled, brownfield, RERA-registered affordable and mid-income housing projects. Detailed fees, carry, tenor, hurdle and distribution terms are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Abdul Kader Suriya (CIO, SWAMIH Fund); Berinder Sahni (Principal Investment Officer); Nikhil Kejriwal (Principal Investment Officer); Vivek Agarwal (Principal Investment Officer); Rajat Goyal (Principal Investment Officer); Shuvam Pandit (Principal Investment Officer). 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 fund does not publish a complete current project-by-project portfolio schedule, vehicle-level fees, carry, realised net returns or loss history. The listed assets are limited to projects named by SBI Ventures, government records or attributable transaction reporting..
2026-01-08: The Ministry of Finance reported on 8 January 2026 that SWAMIH Fund had fully committed its investible corpus, with more than 145 projects across 30 cities. SBI Ventures’ 2025 media update records completion of 50,000 homes and names Avant Hillways, Vision Heights and Shubham Trident among projects receiving handovers.
Next step
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