IDFC Alternatives, the alternative investment arm of Indian infrastructure finance company IDFC, has invested INR1 billion (approximately US$18 million) in Manipal Servicecorp Facility Management, a subsidiary of India’s Manipal Education and Medical Group, which builds and manages student accommodations at Indian universities. IDFC invested from its IDFC Private Equity Fund III and retains the right to invest an additional INR500 million (US$9 million) in the company before the end of 2013.