Clarity Prime Property Investment Opportunities Fund-1 (CPPIOF-1) is a bespoke real estate investment offering for a select group of UHNIs, family offices and accredited investors.
CPPIOF-1 is a SEBI-regulated Category II AIF designed to provide access to a curated pipeline of high-conviction real estate opportunities. CPPIOF-1’s investment thesis is built around 3 pillars- a dynamic allocation mandate which is flexible and forward looking, full spectrum exposure to real estate including mainstream sectors like residential and office plus niche and growth sectors like hospitality, vacation rentals, student housing, healthcare, cold storage, data centres, etc. and a balanced risk-return approach which protects downside via investments in traditional asset backed opportunities and captures asymmetric upside potential via private equity style investments in operating platforms.
CPPI0F-1 is designed with a dynamic mandate: investing across mainstream and emerging real estate sectors, anchoring capital in tangible assets for downside protection while selectively backing scalable platforms for asymmetric upside.
Dynamic Allocation
Flexible. Adaptive. Forward looking.
Not constrained by narrow sector definitions or legacy allocations. CPPI0F-1 dynamically deploys capital into the most attractive opportunities across the real estate universe as cycles, demand patterns, and pricing dislocations emerge.
Full Spectrum Exposure
Mainstream + niche & emerging sectors
Investments span mainstream real estate (residential and office) alongside niche and emerging segments such as hospitality, student housing, co-living, healthcare, warehousing, cold storage, and data centers—capturing both cyclical and secular growth.
Balanced Risk–Return
Protected downside, asymmetric upside
Portfolio is anchored with traditional asset-backed real estate investments to protect downside and deployed into platform and operating businesses through minority stakes and joint ventures to unlock private-equity-style upside.
A portfolio built for resilience, adaptability, and outperformance across market cycles.
Clearly defined "sandbox" and "no-go zones" with target allocations and returns to create a curated portfolio of 5-6 deals.
| Platform | Development | Value-add | |
|---|---|---|---|
| Sandbox |
Platform
Operating platforms in real estate and allied sectors; asset light or hybrid models |
Development
Demand-led small/mid projects with strong developers |
Value-add
2–4 yr re-rating opportunities via refurbishment and/or operator improvement |
| No go zones |
Platform
Distressed, NCLT or re-cap liquidity or timing plays not backed by fundamentals |
Development
Land aggregation, approval risk beyond BAU; speculative products & commodity products with no clear demand/USP |
Value-add
Heavy capex, near tear down /obsolete design of value-add assets; Plain vanilla "Core" assets |
| Potential Asset Classes |
Varied by the manager on a real-time, opportunistic basis across the investment period. |
||
| Potential Structures |
Varied by the manager on a real-time, opportunistic basis across the investment period. |
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| Target Return |
Platform
25-30%+ |
Development
23-25%+ |
Value-add
18-20%+ |
| Target Allocation |
Platform
40-50% |
Development
35-50% |
Value-add
Up to 35% |
Bespoke structure for UHNIs and family offices seeking to build a curated portfolio of real estate deals with the benefit of having access to high-quality deals, institutional underwriting, discipline and governance which typically come with fund structures, but with a higher level of visibility and control. Investors can participate across the following 3 unit classes.
Anchor Investors
INR 10 Cr+
- UHNIs and family offices seeking a curated high-quality real estate portfolio with 4-5 like-minded investors
- Low gross to net leakage with "only fee, no carry" fee structure
- 1:1 priority co-investment entitlement
Pool Investors
INR 1 Cr+
- For HNIs, UHNIs and family offices seeking to build a diversified RE portfolio alongside high quality sponsors
- Highly competitive gross to net leakage with lower fees and promote
- 1:1 priority co-investment entitlement
Deal-by-deal Investor
INR 1 Cr+
- For Accredited Investors seeking exposure to targeted investments on a deal-by-deal basis
- Co-invest in high quality deals with institutional underwriting alongside anchor and pool investors
- No blind pool risk; immediate capital deployment
Key Terms
| Sponsor Commitment | 2.5% of Target Fund Size, as prescribed under SEBI AIF regulations |
|---|---|
| Target Co-investment Pool | Up to 3x of Fund Size |
| Fund Tenure |
|
| Commitment Period | 2 years from Final Close (extendable by 6 months) |
| Targeted IRR (gross) | 25%1 |
| Operating Expenses | At actuals, subject to cap of 0.5% p.a. on Capital Commitment (excl GST) |
Unit Classes, fee structure
and Returns
| Unit Class | Mgmt. Fee1 | Set-up Fee3 | Hurdle4 | Carry (with catch-up) | Target Gross Returns (%)1 | Implied Net Returns (%) |
|---|---|---|---|---|---|---|
| AN | Mgmt. Fee 2.00% | Set-up Fee Nil | Hurdle N.a. | Carry N.a. | Target Gross Returns 25.0% / 2.0x | Implied Net Returns 22.4% / 1.8x |
| BN | Mgmt. Fee 2.00% | Set-up Fee Nil | Hurdle 12.0% | Carry 10.0% | Target Gross Returns 25.0% / 2.0x | Implied Net Returns 20.5% / 1.7x |
| CN | Mgmt. Fee 2.00% | Set-up Fee 2.00% | Hurdle 12.0% | Carry 20.0% | Target Gross Returns 25.0% / 2.0x | Implied Net Returns 17.7% / 1.6x |
Pre-fee, expense and tax; there is no guarantee target returns will be achieved
2 Excluding GST on committed capital during the commitment period and outstanding AUM thereafter
3 Excluding GST, on committed capital
4 Hurdle in INR net of management fees and operating expenses
Founded by Yash Ravel, a seasoned professional with over two decades of experience in real estate investment management, investment banking and capital markets across marque global institutions like Morgan Stanley as well as leading domestic platforms like Welspun One.
40+ Years
Highly Experienced Team
US$925MM+
Prior Transaction Experience
US$300MM+
Fund Management Experience
Team Members
Yash Ravel
Founder & Managing Partner
Years of Experience: 20+
Prior Companies: Morgan Stanley, Welspun One
Shruti Gandhi
Principal
Years of Experience: 13+
Advisory Board and Investment Committee
Arvind Pahwa
Senior RE professional with 50+ years of experience across all aspects of real estate Formerly Exec. Director at Piramal Fund Mgt., MD at JP Morgan India RE PE, President at Reliance Land & CEO at Lokhandwala Constructions
Investor/External Member
To be appointed
Investor/External Member
To be appointed
Custodian
Tax & Audit
Legal Counsel
R&T agent
Trustee
Capital Risk
Exposure to market, economic, business and political risks may have an impact on the Fund's performance and may entail erosion of capital
Liquidity Risk
Close ended Fund with a tenure of 5 years (Extendable by 2 years)
Business Risk
The Fund is exposed to several business-related risks including obtaining approvals, construction, leasing/selling units and exiting the assets
Syndication Risk
The Fund's performance could be impacted if the co-investment capital is not syndicated in a timely manner
1 Please refer to the Private Placement Memorandum for a full account of risks factors.
Enquire about the Clarity Prime Property Investment Opportunities Fund-1
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Private Placement Disclaimer
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