India-focused alternative investment fund manager Motilal Oswal Private Equity has reached a first close for India Realty Excellence Fund IV (IREF IV) with INR5.75 billion (approximately US$80 million) in capital commitments. Investors in the fund include high-net worth individuals and family offices, including several existing investors in the firm’s previous funds. IREF IV will target early-stage equity and debt investments in middle-income and affordable housing projects across six cities in India, with select investments in commercial projects. The fund intends to execute 12 to 15 investments of INR800 million (US$11 million) to INR1.5 billion (US$21 million) each.