Transport Qatar leads $150m funding for Indian industrial park fund By Pramod Kumar September 6, 2023 Indospace The new funding will add another 25-30 million sq ft to IndoSpace’s logistics portfolio across India Qatar Investment Authority (QIA) has led the $150 million fundraising round for the new fund of IndoSpace, which develops grade-A industrial and logistics parks in India. QIA is the world’s 10th largest sovereign wealth fund with $475 billion of assets under management, the Sovereign Wealth Fund Institute said in May. The fundraising round also included UK-based Grosvenor’s Diversified Property Investments business. QIA buys $500m stake in Adani’s green energy firm QIA sovereign fund eager to invest in Asia and US Gulf sovereign wealth funds vary recipes for success “QIA and Grosvenor’s participation in this round reflects the attractive opportunity to develop modern grade A industrial and logistic parks in the world’s fastest-growing economy,” IndoSpace said in a statement. Following the initial close of $243 million, the second round of funding increases the fund – IndoSpace Logistics Parks IV – size to $393 million. The funding will be used to develop modern industrial and logistics parks across the top eight markets in the South Asian country. The new funding will add another 25-30 million square feet to IndoSpace’s logistics real estate portfolio in cities such as Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. The establishment of ILP IV follows from the first three development funds, which have 58 million square feet of modern logistics real estate in India completed and under development. QIA last month said it would invest $1 billion for a 1 percent stake in India’s Reliance Retail Ventures, nearly doubling its valuation to $100 billion from its last funding round. The Qatari sovereign wealth fund’s direct investments in India have largely focused on venture capital, particularly in online retail. These have included food delivery startups Swiggy and Rebel Foods, as well as e-commerce platform Flipkart, according to Global SWF.