HDFC Capital Affordable Real Estate Fund -2 — HDFC Capital Advisors | Wisefolio

HDFC Capital Affordable Real Estate Fund -2

Cat II · Managed by HDFC Capital Advisors

Path to a Million Homes. In pursuit of more than a billion smiles in India.

Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.

Overview

About

HDFC Capital Affordable Real Estate Fund-2 (H-CARE 2, IN/AIF2/17-18/0499) is the second fund of HDFC Capital Advisors Limited (HCAL, CIN: U74999MH2015PLC264030), registered in October 2017. H-CARE 2 was raised in 2017, forming part of the initial USD 1.1 billion combined H-CARE 1 + H-CARE 2 platform — with ADIA (Abu Dhabi Investment Authority) as the primary LP across both. NIIF (National Investment and Infrastructure Fund) is also among the investors. The fund provides long-term debt and equity financing for affordable and mid-income housing development across India's top 20 cities, partnering with credible developers. Together H-CARE 1, H-CARE 2, H-CARE 3, and H-CARE 4 create a ~USD 4.5 billion platform. Known investments include: Signature Global (Gurgaon affordable housing), Mahindra Happinest (Palghar), Runwal Gardens (Dombivli), Gera World of Joy (Wagholi, Pune), and Godrej (Mamurdi, Pune). Registered address: Ramon House, H.T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400020.

Investment philosophy

HDFC Capital's investment philosophy is grounded in four principles: (1) Provide flexible capital — debt or equity — for housing development while generating market returns; (2) Partner with credible developers with proven execution ability, local expertise, and conviction for creating viable solutions; (3) Minimize risk through active asset management with a focus on consistent and predictable results; (4) Drive growth through innovation in design and technology leading to better efficiencies, faster execution, and scalability. HCAL focuses financing in city suburban regions with proximity to social infrastructure for low and mid-income customer segments, aligned with the Government of India's 'Housing for All' initiative. ESG and UN SDGs are core to investment decisions. HCAL also invests in PropTech and affordable housing technology companies under the H@ART program.

Team11

Vipul Roongta

CEO

Vipul Roongta brings over 25 years of leadership and domain expertise spanning mortgages, real estate private equity, credit, and asset management. Since HCAL's inception, he has spearheaded its overall strategy, operations, and growth trajectory. He is regarded as a thought leader in the real estate industry with a focus on widening adoption of sustainability and innovative technologies for affordable housing. He has spoken at MIT (Boston), NYU, University of Oxford, and IIM Bangalore. He serves on various regulatory committees and industry bodies, and has been associated with the HDFC Group since 1999.

Rajesh Khushalani

Partner

With over 25 years of experience, Rajesh leads the investments team, oversees ESG initiatives, and heads the asset management function including investment monitoring and risk management at HCAL. Prior experience includes leadership roles at JP Morgan India's real estate investment arm, Carlyle Asia Real Estate Partners, ICICI Prudential AMC, and Urban Infrastructure Venture Capital.

Gaurav Arya

Partner

Gaurav holds 22+ years of experience across land and real estate management, finance, investments, and infrastructure. He was part of the founding team that set up HCAL, oversees the firm's overall operations, and drives strategic initiatives and business processes. Previously part of the investments team at HDFC Asset Management Company Limited. SEBI contact person for H-CARE 2 (email: abhayg@hdfccapital.com — note: SEBI record lists Abhay Goyal; Abhay Goyal is a team member at HCAL).

Kunal Wadhwani

Partner

Kunal was part of the founding core team that established HCAL in 2016. With 20+ years of experience and USD 5 billion+ in cumulative real estate investments, he brings expertise in debt and equity investments, deal sourcing, underwriting, structuring, development oversight, portfolio management, and special situations, with focus on affordable and mid-income housing.

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF2/17-18/0499

RegisteredOct 2017 (9 years ago)

Valid untilPerpetual

Contact personAbhay Goyal

AddressRamon House, H.T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai, Mumbai, Maharashtra, 400020

Investment manager

Insights

No insights published yet.

Disclaimer

Investments in AIFs carry market and credit risk including possible loss of capital. Past performance does not indicate future returns. Information shown is sourced from the issuer's PPM and SEBI filings — confirm against the latest PPM before committing. Wisefolio is an information platform; it is not registered with SEBI as an investment adviser, portfolio manager, or distributor. By using this page you accept our terms and privacy policy, including the self-attestation that you are eligible to view AIF marketing material under SEBI rules.