Real-estate private credit fund research profile
WSB Real Estate Debt Fund III is a close-ended real-estate private-credit vehicle providing senior secured and structured financing to residential and affordable-housing projects. The exact fund identity, first-close terms and active legal-entity record are public, while debt documents identify Lavim Developers and Lancor Holdings as fund-linked borrowers. Other WSB funds and generic platform investments are excluded from this canonical record.
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
WSB Real Estate Debt Fund (II–III bundled) uses a real-estate private credit; senior secured construction and project finance approach across Residential real estate, affordable housing, urban development.
Current evidence
Lancor Holdings' 2026 annual filing continues to identify WSB Real Estate Debt Fund III as a debenture lender, while the fund's active LEI record was updated in March 2026. The 2024 Lavim Developers transaction announcement remains the clearest fund-specific financing record.
Bundled fund series
Related manager and vehicle records are shown here as one fund family. The original source trails and vehicle-level caveats remain preserved in the research record.
WSB Real Estate Debt Fund II
Vintage / record year: 2021
Strategy
Real-estate private credit; senior secured construction and project finance
Sector focus
Residential real estate, affordable housing, urban development
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
Lancor Holdings' 2026 annual filing continues to identify WSB Real Estate Debt Fund III as a debenture lender, while the fund's active LEI record was updated in March 2026. The 2024 Lavim Developers transaction announcement remains the clearest fund-specific financing record.
Investor questions
WSB Real Estate Debt Fund (II–III bundled) is covered in Rupeia's private credit research universe. The current public record describes the strategy as Real-estate private credit; senior secured construction and project finance, with a sector focus of Residential real estate, affordable housing, urban development. 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 WSB Real Estate Debt Fund (II–III bundled) in the reviewed public sources: Lavim Developers Private Limited; Lancor Holdings Limited; BKC 9; BKC 28; Sowparnika Homes; Nova Developers. It does not represent a complete current portfolio unless the manager has published one.
A 2024 legal-adviser announcement documents WSB Real Estate Debt Fund III's ₹115 crore NCD financing for Lavim Developers, and Lancor's 2025–2026 filings identify a ₹35 crore WSB Fund III debenture facility. Fund-level realised IRR, DPI, defaults and complete repayment outcomes 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: Economic Times reported a first close of over ₹700 crore and a targeted corpus of ₹1,000 crore plus a ₹1,000 crore green shoe; current corpus and final close are not publicly disclosed.. Public terms or access information: Six-year term from initial close with up to two one-year extensions; the strategy uses senior secured NCDs and structured real-estate debt. Full fees, carry, hurdle, concentration, drawdown and redemption 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 Kaushik Desai (Managing Partner); WSB Real Estate Partners investment committee and asset-management team. 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 project schedule, current NAV, fees, carry, hurdle, repayment history and audited vehicle-level returns are not publicly disclosed. Lavim Developers and Lancor Holdings are retained only where legal, issuer or exchange documents identify WSB Real Estate Debt Fund III directly; WSB's broader real-estate investments are excluded. WSB Real Estate Debt Funds II and III are shown as one real-estate-debt family; vehicle-level differences and source trails remain in seriesRecords..
2026-03-06: Lancor Holdings' 2026 annual filing continues to identify WSB Real Estate Debt Fund III as a debenture lender, while the fund's active LEI record was updated in March 2026. The 2024 Lavim Developers transaction announcement remains the clearest fund-specific financing record.
Next step
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