Cat II · Managed by Etonhurst Capital
Unlocking Value in Mumbai's Residential Redevelopment Market.
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Etonhurst Real Estate Opportunities Fund (IN/AIF2/23-24/1478) is a SEBI-registered Category II Alternative Investment Fund registered in March 2024, managed by Etonhurst Investment Advisors Private Limited — a Mumbai-based real estate fund management platform co-founded in 2022 by Bamasish Paul and Tushar Bose. The fund's debut scheme is the Etonhurst Redevelopment Opportunities Fund I, which targets Mumbai's residential redevelopment market — a INR 500 crore (~USD 60M) target corpus focused on capital provision to developers executing society and MHADA redevelopment projects in MMR. The fund reached its first close of INR 180 crore in March 2025, with The Guardians Real Estate Advisory as sponsor partner. Etonhurst is headquartered at 311, A Wing, INS Towers, Bandra Kurla Complex, Mumbai 400051.
Bamasish Paul
Co-Founder, Managing Partner & CEO
MBA Finance, Booth School of Business, University of Chicago
Bamasish Paul is a seasoned investment professional with a distinguished career spanning over 24 years in real estate fund & asset management, financing and development. In his career he has invested in excess of INR 10,000 crore (US$ 1.2 billion) across office development, residential, hospitality and industrial & warehousing. He is the Managing Partner and co-founder of Etonhurst Capital Partners & Etonhurst Investment Advisors responsible for strategy, investment and overall direction of the firm. Prior to Etonhurst, Bamasish was Managing Director at Brookfield Asset Management (India) and before that was Managing Director and Country Head of AIG Investments (Formerly AIG Global Real Estate), India. He led the spin off and sale process of the AIG India, Real Estate GP Platform to Brookfield Asset Management, India. He was part of the India leadership team overseeing set up of new business initiatives including structured credit and real estate in Brookfield. As Managing Director, he spearheaded AIG's India strategy for development and acquisition, significantly expanding its investment footprint through large ticket equity partnerships and acquisitions. He raised and co-invested LP capital across multiple asset development strategies and steered the fund through tumultuous circumstances following AIG's involvement in the Global Financial Crisis of 2008. Prior to joining AIG, Bamasish was Vice President, TCG Real Estate one of India's first privately owned corporate real estate groups focused on development of commercial offices and IT Parks. The company's primary focus was to build, develop and own assets for long term to generate yield-based income. Bamasish holds an MBA Finance from the Booth School of Business, University of Chicago. He is deeply invested in nurturing the next generation of talent and fostering excellence in the real estate domain.
Tushar Bose
Co-Founder, Partner & COO
Tushar Bose is a seasoned finance professional with over 15 years of experience in investment advisory and capital raising, with a deep focus on real estate. As Co-Founder and Partner at Etonhurst Capital Partners, he is responsible for fundraising and overseeing the firm's operations, business development and strategic initiatives. Tushar began his career in advisory at CreditCapital Finance Partners, a boutique investment advisory firm focused on M&A and fundraising for India's large and mid-sized corporates. Founded by Late Udayan Bose - a pioneer in Indian investment banking with over four decades of experience, the firm provided Tushar with a strong grounding in the advisory space. Initially working across diverse sectors, he soon identified an emerging opportunity in real estate and went on to build a dedicated advisory practice from the ground up. Under his leadership, the practice expanded rapidly, establishing strong relationships with developers, lenders and global and domestic private equity investors. Over the years, Tushar has advised on transactions across a wide range of real estate asset classes, including residential, commercial and industrial/warehousing. His work spans various investment structures such as credit, structured finance, equity and joint ventures/joint developments. As the market evolved, Tushar played a role in structuring complex partnerships and development strategies that aligned capital with opportunities in a capital-constrained environment. His strength lies in his ability to foster and sustain deep relationships across the real estate ecosystem including institutions, lenders and developers which enabled him to consistently deliver value. Tushar spent much of his early life in England, having studied at Millfield School and later at the University of Westminster in London.
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Khetsi Barot
Sponsor Partner & Management Committee
Khetsi Barot is Managing Director of The Guardians Real Estate Advisory. He has 23+ years of experience in the real estate sector, with unparalleled developer relationships and business acumen.
Kaushal Agarwal
Sponsor Partner & Investment Committee
Kaushal Agarwal is Chairman of The Guardians Real Estate Advisory with 35+ years of experience facilitating large-scale land transactions and joint ventures across the Mumbai Metropolitan Region.
Darshan Khatau
Head - Fundraising & Investor Relations
Darshan brings 25+ years of experience in real estate, private equity, and fundraising. He was previously Head of Fund Raising at First Eagle Real Estate Fund, a Delta Corp entity, and has also worked at Peninsula Brookfield, Peninsula Realty Fund, and Peninsula Land Ltd. Darshan has raised over US$ 250 million from domestic investors and managed a diverse investor base of over 500.
Rahul Gaggar
Principal
Master's in Finance, Bentley University; Post Graduate Program, Indian School of Business
With 15+ years in private equity and real estate investment, Rahul has held senior roles at Edelweiss Alternatives and Nippon, focusing on real estate credit investments. He has a strong track record in portfolio management, successful exits, and distressed asset resolutions. He holds a Master's in Finance from Bentley University and a Post Graduate Program from the Indian School of Business.
Meghal Lotia
Senior Analyst
MSc in Finance & Investment Banking
Meghal brings 5+ years of experience in real estate deals and fund analysis, having worked as an Analyst at Cheyne Capital in London and Madrid, specializing in real estate credit deals. He also contributed to development finance and fundraising for UK projects at Lodha UK. He has a strong background in financial modeling and transaction execution, holding an MSc in Finance & Investment Banking from the UK.
Saamarthya Varma
Fund Strategy & Asset Management
MBA, NMIMS Mumbai
Saamarthya brings 5+ years of experience in technology consulting and project leadership. He has led cross-functional teams and managed key client relationships for a major U.S. insurance brokerage firm. He holds an MBA from NMIMS, Mumbai, and has studied REITs, co-working models and real estate financials. His background bridges technology and real estate investment, focusing on early-stage project evaluation and fund deployment.
Nivedita Sengupta
Executive Assistant
Nivedita brings over 11 years of experience in real estate, having worked with organizations such as Adhiraj, Today Global, and Siemens. Her expertise includes office administration, vendor negotiations, strategic planning, and assisting the MD's office. She holds an English Honors degree from Himalayan University and completed her schooling at St. Thomas Calcutta.
Santosh More
IT & Administration
Gaur Das
Office Assistant
Pravin Ajmera
AdvisorSenior Advisor & Investment Committee
Postgraduate degree in Management, Pune University; Bachelors in Commerce, Mumbai University
Pravin Ajmera is a veteran in the real estate industry with over 25 years of experience in investing, business development, global corporate governance, land transactions and advisory. Prior to this he was the Managing Director- Real Estate at Ares Management in Mumbai. In this role he was responsible for investing and managing deals across various asset classes including residential, commercial, industrial, warehousing, hospitality and retail. Preceding this he was the Head of Business Development and India Managing Committee member for Godrej Properties Ltd., one of the largest development companies in India listed on the stock exchange. Here he led a 30-member business development team and closed 45 deals to build a 70 mn sq.ft. developable area pipeline across the Group's residential portfolio. He concluded a large joint venture platform with a Pune based developer for a 25 mn. sq.ft. portfolio. In an earlier role, as Executive Director, Indospace Capital Mumbai, he invested US$ 200 mn across three deals. In addition, he has worked as Vice President, Starwood Capital, a real estate private equity fund. Here he led restructuring plans for investee companies by inducting fresh equity of $100 mn. He holds a Postgraduate degree in Management from Pune University and a Bachelors in Commerce from Mumbai University.
Surender Varma
AdvisorSenior Advisor - Legal
Master's in Business Law; Post Graduate degree in Securities Law; qualified Company Secretary
With 30+ years of experience in law and real estate, Surender has held senior leadership roles across some of India's largest developers. He was formerly Chief Legal & Compliance Officer at Godrej Properties. He has also led legal and compliance functions at Lodha Developers (now Macrotech), M3M, and Emaar. He holds a Master's in Business Law, a Post Graduate degree in Securities Law, and is a qualified Company Secretary.
Udayan Bose
AdvisorSee every PMS strategy and AIF from Etonhurst Capital.