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Amplus Realty Trust – II (SEBI Reg. IN/AIF2/14-15/0137) is a Category II AIF registered in March 2015 and managed by Amplus Capital Advisors Private Limited (CIN: U74140GJ2011PTC068131), a boutique real estate private equity firm incorporated in Ahmedabad in December 2011. Amplus Capital is part of the Lalbhai Group — the US$2 billion conglomerate behind Arvind Limited, India's denim manufacturing giant — and was co-founded by Sanjay Lalbhai, Jayesh Shah, and Rohit Choksi, with Anuranjan Mohnot as Managing Director. Amplus Realty Trust – II is the vehicle for Amplus Realty Fund – II, a ₹300 crore target fund (first close of ₹200 crore in July 2016) that followed the earlier Amplus Realty Fund – I (₹135 crore, raised 2013, registered as IN/AIF2/12-13/0029). Fund II invested in residential real estate projects across Bengaluru, Pune, Chennai, Mumbai, Ahmedabad, and Delhi-NCR. A third fund, Amplus Realty Fund – III (a structured debt fund for the residential sector), was subsequently planned. Amplus Capital Advisors is considered inactive/wound down as of 2025 per Tracxn.
Amplus Capital's investment philosophy centred on bringing the rigour of institutional private equity to real estate investing in India. The fund focused on early-stage equity investments in mid-sized residential real estate projects with a quick turnaround period — typically 36 to 42 months — targeting 23–25% IRR. By providing early-stage equity rather than debt, Amplus enabled developers to avoid the periodic interest burden while allowing investors to participate in projects offering superior returns underpinned by speedy monetisation. The firm favoured majority-stake investments in the ₹20–40 crore ticket size range, concentrating on well-established micro-markets across six major cities (Bengaluru, Pune, Chennai, Mumbai, Ahmedabad, and Delhi-NCR). Rigorous ongoing monitoring — including monthly project control meetings with developer CEOs — was central to the investment approach.
Anuranjan Mohnot
Managing Director & CEO
Anuranjan Mohnot was responsible for all aspects of the Amplus business and instrumental in raising and deploying Amplus Realty Fund I and II. Previously VP – Investments at Motilal Oswal Private Equity Advisors, managing an INR 200 crore SEBI-registered real estate fund. Earlier at Future Group's $450 million India real estate fund (the Kshitij & Horizon Fund, later managed by Everstone Capital). He is a Graduate in Commerce, LLB, Chartered Accountant, and Company Secretary.
Jayesh Shah
Co-Founder & Director
Co-founder of Amplus Capital Advisors. Associated with GK Choksi & Company, a leading tax and financial advisory chartered accountancy firm in Ahmedabad.
Rohit Choksi
Co-Founder & Director
Co-founder of Amplus Capital Advisors. Associated with GK Choksi & Company, Ahmedabad.
Jagdish Dalal
Director & SEBI Contact Person
Director of Amplus Capital Advisors Private Limited. A Graduate in Commerce and Fellow Member of the Institute of Chartered Accountants of India (FCA). He also holds directorships in other Lalbhai Group companies and has been deeply involved in structuring and strategising major real estate projects and transactions for the Lalbhai Group, including merger, acquisition, expansion, and project funding mandates.
Nilesh Shah
Investment Committee Member (Independent)
Managing Director of Kotak Mahindra Asset Management Co. Ltd. and Independent Director of Arvind Limited. Investment committee member of Amplus Realty Fund I & II. Over 25 years of experience in capital markets across equity, fixed income, and real estate, with prior leadership roles at Axis Capital, ICICI Prudential AMC, Franklin Templeton, and ICICI Securities. Recipient of the inaugural Business Standard Fund Manager of the Year award – Debt (2004).
Sanjay Lalbhai
Founder / Promoter
Chairman and Managing Director of Arvind Limited, the flagship company of the Lalbhai Group. Under his leadership Arvind became a world leader in denim manufacturing. Co-promoter of Amplus Capital Advisors Private Limited.
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