Kotak Investment Advisors, the Indian real estate investment arm of Kotak Mahindra Bank Ltd., has inaugurated its new fund, Kotak Special Situations Fund.
The fund is being anchored by a 3,560 crore rupees ($502 million) commitment from a unit of Abu Dhabi Investment Authority.
The new fund is expected to target a range of non-performing credit opportunities especially financial support to pre-stress businesses in India.
The Kotak Special Situations Fund, which will reduce non-performing assets in the economy, is structured as an Alternative Investment Fund.