Nuvama-Cushman’s maiden fund raises ₹4000 cr, readies for second fund

Bengaluru: Nuvama and Cushman & Wakefield Management Pvt. Ltd’s (NCW) first real estate fund, Prime Offices Fund, raises ₹4,000 crore, which looks set to launch its second fund later this year, is making the final close.

Prime Offices Fund, launched in 2024, is a commercial office-focused fund that distributes around 45% of its capital across three investments of 4 million sq ft in Delhi, Chennai and Pune.
NCW is an equal joint venture between Nuvama Asset Management, an arm of Nuvama Wealth Management Ltd, and property services firm Cushman & Wakefield. The initial funding was raised entirely from domestic investors, including family offices and high-net-worth ultra-wealthy individuals.

Launched with the aim of providing Indian investors with access to corporate quality office assets in leading cities, the fund’s initial target audience was: ₹3,000 crore. Strong investor demand led NCW to increase its fund size, and the expanded corpus is now fully subscribed.
“We plan to deploy the rest of the capital in the next few quarters. We already have several potential transactions. Once fully deployed, the fund will own and manage around 8-9 million sq ft of assets,” said Gaurav Puri, NCW’s chief investment officer. Mint.

The next fund to be launched will go beyond the scope of the first, which focused entirely on office assets.

“The second will also be an annuity fund that will invest in office assets and explore alternative asset classes including data centres, industrial and logistics, co-working and co-living, among others,” Puri added.

Unlike current fund which invests only in ready funds The new fund, which invests in real estate and raises capital from domestic investors, will also seek out properties under construction and include global allocations.
Prime Offices Fund’s 4 million square foot office portfolio is home to over 70 occupiers, with over 50% of tenants being global talent hubs (GCCs) and more than 20% represent front-line operations.

India in the January-March quarter of 2026 According to real estate consultancy CBRE, the real estate sector experienced a 189% annual increase in investment volume to $2 billion 295 million; this was the second highest growth rate in the Asia-Pacific region after Singapore.

The growth in commercial real estate investment volume comes on the back of sustained interest from domestic institutions, family offices and global capital market players who are increasingly allocating to Indian real estate through direct acquisitions. CBRE added REITs and structured debt instruments.