Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Bharat Real Estate Capital Trust (IN/AIF2/25-26/1922) is a SEBI-registered Category II Alternative Investment Fund registered October 13, 2025, with Sammaan Asset Management Ltd ('SAM') serving as both Investment Manager and Sponsor. SAM (formerly Indiabulls Investment Management Ltd) is the real estate asset management arm of the Sammaan Group — the conglomerate led by Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited, BSE/NSE listed, formerly one of India's largest HFCs). SAM has a sharp focus on tactical and opportunistic investments in high-quality real estate assets across India's Tier 1 cities, spanning structured credit for residential real estate, equity investments in commercial office assets, and construction finance. It is among the few Indian AMCs to have demonstrated success across the full real estate private equity investment lifecycle. SAM manages the Indiabulls AIF (Cat II, SEBI Reg IN/AIF2/14-15/0133) in addition to Bharat Real Estate Capital Trust. The fund is headquartered at 19th Floor, Tower 1, One International Center, Senapati Bapat Marg, Prabhadevi West, Mumbai – 400013.
Ambar Maheshwari
CEO – SAMMAAN ASSET MANAGEMENT LTD
Chartered Accountant
Ambar looks after the Asset Management business at Sammaan. A Chartered Accountant, Ambar brings with him substantial deal-making and structuring experience in the Real Estate sector.
Amit Jain
VP – Investments & Fund Management
CA, MRICS
Recognized as an Investment Professional with life cycle experience of debt and private equity Fund raising, investment, asset management & divestment including investor relations.
Aditya Karwa
Fund Management Team, Bharat Real Estate Capital Trust
Aditya Karwa is a member of the fund management team for Bharat Real Estate Capital Trust, as listed on the fund's dedicated page on sammaanamc.com.
Uday Diwale
Head – Compliance
Mr. Uday Diwale has more than 25 years of professional experience in the area of capital markets spread across wide spectrum of operations, compliance and information technology.
Dinabandhu Patra
Head – Technical Services
B.Arch from OUAT, Bhubaneswar; Graduate Studies in Urban Design from University of Texas at Austin. Dinabandhu is an Architect with over 25 years of experience in delivering large-scale building projects. He led the team at Across & Beyond, a specialised firm that partners with Real Estate developers and Private Equity Funds on developing large construction projects across India. Prior to founding Across & Beyond, Dinabandhu led the Design & Planning function at Indiabulls Real Estate.
Kaushik Mukherjee
Legal Head
Kaushik has been practising law since 2003. He has extensive experience in initial public offerings, follow-on public offerings and private placements of equity and debt securities. These include equity shares, global & American depositary receipts, Eurobonds (senior notes & subordinated notes including high yield securities), non-convertible debentures, and convertible & exchangeable securities (including foreign currency convertible bonds) listed on various stock exchanges including Indian stock exchanges, NYSE, NASDAQ, London Stock Exchange, Singapore Stock Exchange, Luxembourg Stock Exchange, Swiss Stock Exchange and Irish Stock Exchange. He has also advised clients on private and public Mergers & Acquisitions including takeovers of public listed Indian companies and Private Equity transactions. Before joining Indiabulls Housing, Kaushik worked with Shardul Amarchand Mangaldas & Co., J. Sagar Associates, AZB & Partners and White & Case, London.
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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.
Shyam Lal Bansal
Independent Director
M.Com.; Certified Associate of Indian Institute of Bankers (CAIIB). Mr. Bansal has more than 36 years of experience in the banking industry across Union Bank of India, United Bank of India and Oriental Bank of Commerce. He headed various branches and regions at Union Bank of India and rose to the position of General Manager, serving as Field General Manager of the Eastern Zone and heading its Retail Banking Division. In April 2010 he became Executive Director of United Bank of India, and from March 2012 served as Chairman and Managing Director of Oriental Bank of Commerce.
Ajai Kumar
Independent Director
M.Sc. (Physics), Bachelor of Laws, CAIIB. Mr. Ajai Kumar has more than 40 years of experience in the Public Sector Banking Industry, holding eminent leadership positions in India and overseas (New York, USA). He served as CMD of Corporation Bank, Executive Director of UCO Bank, and General Manager for Technology and Retail Banking at Bank of Baroda. His notable initiatives include setting up the Retail Loan Factory concept, ensuring compliance with US Federal Reserve Bank, FDIC and NY State Banking Department regulations, and implementing the banking industry's most ambitious Technology Enabled Business Transformation Programme.
Abhishek Garg
Principal Officer
MBA (SBM, NIMMS Mumbai), B.Tech (Electronics, UIET Chandigarh). Mr. Abhishek Garg has more than 8 years of work experience in Real Estate Finance. He was earlier associated with L&T Financial Services, Indiabulls Housing Finance Ltd. and Infosys Ltd. As Principal Officer, he is designated by the Portfolio Manager and is responsible for the activities of the Portfolio Manager as required under the SEBI (Portfolio Managers) Regulations, 2020.
Abhishek Pandia
Key Personnel – Fund Operations
Chartered Accountant, B.Com. Mr. Pandia has more than 2 years of experience in the area of alternative investment funds, specialising in operations, fund accounting and audit functions. Prior to joining Indiabulls, he was associated with M C & Associates.
Amruta Ansulkar
Key Personnel – Compliance & KYC
B.Com; NISM Certifications in Wealth Management & Series V-A Module. Ms. Amruta Ansulkar has 4 years of experience in client due diligence, AML & regulatory compliance of the asset management business. She has previously worked with Centrum Capital Advisors Ltd.
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