Nuvama and Cushman & Wakefield Management Pvt. Ltd closed their inaugural Prime Offices Fund at ₹4,000 crore, surpassing the original ₹3,000 crore target and setting the stage for a broader second vehicle later in 2026. The fund, launched in 2024, has deployed roughly 45 per cent of committed capital across three office investments in Delhi, Chennai, and Pune, totalling 4 million square feet.
NCW is an equal joint venture between Nuvama Asset Management, part of Nuvama Wealth Management Ltd, and real estate services firm Cushman & Wakefield. All capital in the first fund came from domestic limited partners, including family offices, high-net-worth individuals, and ultra-high-net-worth clients, according to the firm. No foreign institutional capital participated in the debut vehicle.
Strong demand from Indian allocators prompted the sponsor to increase the fund size by one-third. The expanded corpus is now fully subscribed, and NCW intends to deploy the remaining capital over the next few quarters. Gaurav Puri, chief investment officer at NCW, told Mint that once fully invested, the portfolio will comprise 8 to 9 million square feet of assets. Two additional transactions are already in the pipeline, he said.
The Prime Offices Fund was structured to give domestic investors access to institutional-quality office properties in top-tier Indian cities. Its 4 million square feet of existing holdings house more than 70 tenant organisations, with global capability centres accounting for over half of occupiers and front-office operations representing more than 20 per cent of the tenant mix.
NCW's second fund will retain an annuity-focused investment thesis but broaden the scope beyond pure office allocations. Puri said the new vehicle will invest in office assets and explore alternate property classes including data centres, industrial and logistics facilities, co-working spaces, and co-living developments. Unlike the debut fund, which confined itself to stabilised, income-producing properties, the upcoming vehicle will also consider under-construction assets.
The sponsor also plans to open the second fund to global limited partners, marking a departure from the entirely domestic capital base of Prime Offices Fund. NCW has not disclosed a target size or formal launch date for the new vehicle, stating only that it expects to bring the fund to market later this year.
India's commercial real estate investment market recorded $2,295 million in transaction volume during the January-March quarter of 2026, an increase of 189 per cent year-on-year, according to property advisory CBRE. That growth rate ranked second in the Asia-Pacific region after Singapore for the quarter.
CBRE attributed the surge to sustained interest from domestic institutions, family offices, and global capital-markets participants, who are increasing allocations to Indian real estate through direct acquisitions, real estate investment trusts, and structured debt instruments. The advisory firm noted that both equity and debt channels have seen inflows as sponsors and lenders seek yield in a market supported by occupier demand and relatively stable cap rates.