Landmark Capital

Funds managed 

Fund Name	Asset class	Registration Number
Landmark  Return Multiplier Fund	Real estate	IN/AIF2/13-14/0068
Landmark Opportunity Fund	Real estate – warehousing & residential	IN/AIF2/13-14/0068
Landmark Multiplier Fund	Real estate – warehousing	IN/AIF2/21-22/0928

About

Landmark Capital is set up by experienced professionals with the intent to leverage their deep knowledge, understanding and a tested, long-standing relationship in the real estate segment to find attractive investment opportunities for its Investors.

The Leadership and Core Team members carry with them experience and the expertise in finding attractive real estate investment opportunities, structuring the investments, nurturing the same and making profitable exits. The Team has a good blend of experience to cover the end to end cycle of investments and carries with itself one of the most diverse backgrounds, with experience across various asset classes from warehousing, commercial properties both pre-leased as well as brown field to residential class covering both budget and mid-segment housing.

Key staff

Ashish Joshi CEO, Landmark Capital – He has 20 + years of experience in real estate, logistics and telecom industry. He was Ex Managing Partner, Real Estate Investments of Milestone Capital Advisors. He was associated at Milestone Capital since its inception and was instrumental in building a real estate AUM of ` 3,000 crores across 7 real estate fund has significant and diversified experience across different asset classes of real estate which includes residential, commercial, rental yield (pre leased) and warehousing. He was involved in fund raising, sourcing and closing deals pan India and making successful exits at attractive IRRs. He is associated with Peninsula Land Limited as CFO and with Hapag Lloyd as Director, Business Development and Chartered Accountant and Cost Accountant by profession.

Investment Team:

Bhavya Bagrecha, Director- Investment

Rajeev Pandey,Head-Construction

Tulshiram Patil, Head- Legal & Land Acquisition

Prashant Deshmukh, Head- Land Acquisition & Liasoning

Manish Maloo, Risk Management

Shelly Patwari, Investment & Monitoring

Investment philosophy

Landmark Return Multiplier Fund philosophy is geared to provide optimum returns to the Investors and at the same time ensuring adequate possible measures to ensure protection of investment. Investment manager at Landmark Return Multiplier Fund would strive to ensure health of each investment through regular returns to the Investors and would ensure absolute transparency to Investors.

Strategy

Landmark Return Multiplier Fund would primarily focus on residential segment. Landmark Return Multiplier Fund would follow a defensive investment strategy which would mean investment opportunities offering regular attractive return along with upside.It would also opportunistically invest in transactions with preferred return having upside sharing. Projects which are under construction and are expected to get completed in 2-3 years time frame. Invest in projects where major approvals are in place and projects which have short to medium term funding requirement. And they largely focus on top 4 cities which include Mumbai, Chennai, Bengaluru and Pune. Tier II and Tier III cities would largely be avoided unless the opportunity is compelling

Funds Overview

1. Landmark Return Multiplier Fund

Year Of Launch: 2013

Corpus: Not Specified

Focus: Not Specified

Number Of Investments: 4

Structure: Warehousing, Residential and Student Housing

Investments Exited: All investments have been exited

Fund Status: Closed

Investment Strategy: Not Specified

Note: Currently there is no Investment Strategy and Focus specified for this fund on the website, but it is there in Landmark Capital dossier. There might be the chances of the information being available on the website before the closure of the fund. Hence, I’ve mentioned ‘Not Specified’.

2. Landmark Multiplier Fund

Year Of Launch: 2021

Corpus: $5 Billion, Including green shoe option of $2 Billion

Focus: Pune, Delhi, Mumbai, Ahmedabad, Bangalore, etc.

Number Of Investments: 5/8

Structure: Warehouses

Investments Exited: Not Specified

Fund Status: Open

Investment Strategy:

·        Fund Strategy is to partner at the execution and development  stage enabling mitigating risks of land conversion, aggregation and approvals

·        Value addition by the fund through its in-house Development expertise, Leasing and Tenant management expertise

·        Enables participation in capital value creation by entering the deal at the right ‘stage’

·        Ensure exit at the right stage through multiple exit strategies

Track Record

Asset Class	Investment Type	Location	Exit Extent	Investment Date	Exit Date	IRR
Commercial	Rental Yield	Mumbai	Full	Dec 2008	Aug 2010	25%
Residential	Mezzanine	CV Raman Nagar, Bengaluru	Full	May 2011	Mar 2013	25%
Residential	Mezzanine	Kalina, Mumbai	Partial	Feb 2010	Aug 2010	23%
Residential	Equity	Chennai	Partial	Mar 2008	Aug 2010	23%
Residential	Mezzanine	Shivaji Park, Mumbai	Full	Jun 2010	Jun 2012	23%
Residential	Mezzanine	Kalina, Mumbai	Full	Oct 2010	Oct 2012	22%
Residential	Mezzanine	Sodepur, Kolkata	Partial	Aug 2009	Nov 2012	22%
Warehouse	Equity	Ahmedabad	Full	Feb 2008	Aug 2010	18%

Successful deals

Jain Heights  Bengaluru – Philosophy  at  the time of Investment
Project Status	Project approvals were expected shortly. Pre launch of Project had taken place
Location	Project was located in an upcoming area of Bengaluru which had a potential for capital appreciation
Developer	Mid Size Developer in Bengaluru known for good quality projects
Security	Investment amount was collateralized with charge on Development rights, Pledge of Shares, Personal Guarantee of promoters and Corporate Guarantee
Exit Status	Full Exit
IRR	23% per annum
Richa Shivaji Park – Philosophy at the time of Investment
Project Status	Project was under construction with 3 floors constructed and all approvals were in place. Partial Sales had taken place
Location	Project was at premium location – Shivaji Park, Mumbai which has good demand for residential units
Developer	Developer had excellent track record in execution ofProjects
Security	Investment amount was collateralized with First Registered charge on Project, Pledge of Shares, Personal Guarantee of promoters and Corporate Guarantee

Analyst questions 

1. What is the risk return characteristics usually used?
2. Investment depends on growth or valuation ?

Prepared by Dishant Savla, June 2021, Reviewed By Punit Bansal

What was the corpus of the Landmark Return Multiplier Fund?

2.     What were targeted returns of the Landmark Return Multiplier Fund? Were those targets achieved?

3.     As the Targeted Gross IRRs mentioned for Landmark Multiplier Fund was16% to 18% per annum, were they achieved?

4.     How do you inform or provide data to investors about the performance as financials might not be publicly available?

5.     What is the Lock-in period of funds?

6.     What is the Investment Process?

7. What factors do you consider while investing in plots?

8.      Who are you partnered with?

References:

https://landmarkcapital.in/index.html

Prepared by- Anchal Kumar, Sept, 2021