U.S.-based venture capital firm Warburg Pincus and Indian real estate developer Runwal Group plan to invest $1 billion in retail mixed-use developments across India.

Warburg Pincus and Runwal Group intend to inject around $250 million each as equity contribution, and the other portion will be via leveraging and the proposed venture will acquire a stake in some of Runwal’s operational properties and projects.

Warburg and Runwal aim to invest in 15 to 20 retail-led properties in tier-I and II Indian cities over the next five years.

Further, a new team is planned for this platform, which would also be seeking to acquire operational and partially-completed projects.