Landmark Multiplier Fund — Landmark Capital | Wisefolio

Landmark Multiplier Fund

Cat II · Managed by Landmark Capital

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

Overview

About

Landmark Multiplier Fund (IN/AIF2/21-22/0928) is a SEBI-registered Category II AIF managed by LM Capital Advisors Private Limited, open for subscription, under the Landmark Capital brand. The fund is Landmark Capital's second AIF, following the fully closed Landmark Opportunity Fund (IN/AIF2/13-14/0068, managed by Landmark Capital Advisors Private Limited). Landmark Multiplier Fund focuses exclusively on high-quality, built-to-suit warehousing assets in India's top economic hotspots — Pune, Delhi, Mumbai, Ahmedabad, Bangalore — targeting institutional-grade Grade A warehousing with strong leasing potential, driven by the rise of e-commerce, 3PL (third-party logistics), and India's National Logistics Policy. The fund's current active scheme is Landmark Warehousing and Logistics Fund (Final Close Date: 31 January 2024, 4-year tenor). Target corpus: ~INR 500 crore including a green shoe option of INR 200 crore. Target returns: ~18–20%+ gross IRR. Investment size: 6–8 investments of ~INR 50–75 crore each. The fund's investment strategy is to partner at the execution and development stage, enabling capital value creation by entering deals at the right stage and providing active leasing, tenant management, and facility management through Landmark's in-house development expertise. Address: 608, B Wing, Express Zone, Off Western Express Highway, Goregaon East, Mumbai 400097. SEBI contact: Ashish Joshi.

Investment philosophy

Landmark Capital's investment philosophy is built around four core investment principles: (1) Operational Investor — financial commitment paired with operational involvement; experience and expertise in defining project-level strategy and guiding investee companies in critical business areas; (2) Underpenetrated Markets — search for globally proven but under-penetrated investment opportunities in India; continuously explore under-penetrated asset classes and capitalize on them with minimum turnaround time and a good reward-to-risk ratio; (3) Digitalization — participate in opportunities created by digitalization of the business landscape (particularly e-commerce-driven warehousing demand); (4) Consumption Pattern — constant observation of evolving consumer taste, consumption patterns and business landscape; identify asset classes impacted by and benefiting from structural consumption shifts. For the Multiplier Fund specifically, Landmark Warehousing and Logistics Fund targets Grade A warehousing assets in MMR, NCR, Ahmedabad, Bangalore, and Pune, entering at the execution and development stage to capture capital value creation upside while mitigating land conversion and approval risk. Exit strategy: multiple exit pathways managed at the right stage.

Team9

GK

Gourav Kundalia

Fund manager

Investment Manager

Chartered Accountant and CFA Level II cleared

4+ years of experience in private equity real estate and financial analysis. Currently focuses on deal sourcing, evaluation and preparation of Investment Memorandum. Supports investment and strategy teams with data-driven insights for long-term capital allocation decisions and investment monitoring. Previously associated with Allcargo Logistics, with experience across financial accounting, taxation, and FP&A.

Raj Narain Bhardwaj

Board of Directors

Raj Narain Bhardwaj has an illustrious career spanning 40+ years, including as Chairman and Managing Director of LIC. He held directorships at Amtek Auto Limited, LIC Mauritius and Lanka, IRCTC, IFCI, AXIS Bank (formerly UTI Bank), GIC, and NSDL. He holds a Post Graduate Degree in Economics from Delhi School of Economics and a BE from Institute of Engineers.

Tulshiram Patil

Head – Legal

MBA, LLB, B.Sc

15+ years of experience in Real Estate properties and Legal matters. Expert knowledge on laws and regulation related to Land matters. Facilitated in acquiring 1100+ acre of land.

Prashant Deshmukh

Head – Land Acquisition & Liasoning

LLB

13+ years of experience in handling land acquisition. Expert in Deal Negotiation and finalization. Liaison with Collection Office, SDO/SDM and Tahsildar.

Dhrumil Ganna

Principal - Investment

Chartered Accountant and CFA Level III Candidate

7 years of experience in deal structuring and risk management. Responsible for deal sourcing and execution.

Neeta Dwivedi Joshi

AVP Investment

Chartered Accountant with a Bachelor's degree in Commerce from Mumbai University

6+ years of experience across investor engagement, investment lifecycle management, and financial analysis. Leads investor engagement across domestic and global markets, acting as a bridge between investors and the investment team. Actively involved in pre-investment evaluation, feasibility analysis, transaction execution, and post-investment monitoring. Supports deal sourcing, fund oversight, and builds strong relationships with landowners and developers to drive quality deal flow. Previously worked at a tax consulting firm with experience in taxation advisory and regulatory compliance.

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF2/21-22/0928

RegisteredSept 2021 (5 years ago)

Valid untilPerpetual

Contact personAshish Joshi

Address608, B Wing, Express Zone, Off Western Express Highway, Goregaon East, Mumbai, Mumbai, Maharashtra, 400097

Investment manager

Insights

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Disclaimer

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