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Flexible Capital. Long-Term Partnership.
Asia Real Estate II India Opportunity Trust (SEBI Reg. IN/AIF2/20-21/0835; LEI: 5493004YL2CM6LKK0X45) is a Category II AIF managed by AIP Investment Advisors Private Limited, the India investment management arm of Apollo Global Management (NYSE: APO) — one of the world's leading alternative asset managers with $750B+ AUM globally. Registered in October 2020, it is Apollo's second India-domiciled real estate AIF, focused on structured real estate credit and equity investments across India's residential and commercial real estate markets. The fund's registered office is Suite F11, Grand Hyatt Hotel, Santacruz East, Mumbai 400055 (the former Apollo India office; the team has since relocated to One International Center, BKC). Apollo has operated and invested in India for over two decades across private equity, credit, and real estate. India is Apollo's second-largest country by headcount (400+ employees), with investment teams led by Suresh Maramreddy (real estate) and the broader India platform overseen by Madhura Shah.
Apollo's India real estate investment philosophy focuses on structured credit and equity solutions across the capital stack for high-quality real estate projects — primarily residential development, commercial office, and logistics assets in major Indian cities. The strategy leverages Apollo's global expertise in real estate credit (one of the largest real estate credit platforms globally) and adapts it to India's unique market dynamics, including developer-level debt, mezzanine financing, and last-mile construction finance. Apollo targets risk-adjusted returns by combining rigorous underwriting, active asset management, and an integrated global platform that provides unique insights into tenant demand, capital flows, and structural trends. The India real estate team works in close coordination with Apollo's broader Asia Pacific strategy, which views India as a core focus market for scaling all investing businesses.
Ankit Gandhi
Associate Director & Fund Controller
Ankit Gandhi is an Associate Director and Fund Controller at Apollo Global Management, Inc., based in Mumbai. He is a finance professional specialising in Private Equity, AIF and VC fund operations. He serves as the SEBI-registered contact person for the AP India Opportunity Trust AIF.
Madhura Shah
Partner & India Lead, Apollo
Madhura Shah is Partner and India Lead at Apollo, responsible for managing Apollo's office in India including overall strategy and day-to-day operations. Apollo's India office provides integrated support globally across Apollo's platform, offering clients the firm's full suite of investment offerings across Yield, Hybrid and Equity strategies as well as Enterprise solutions. Prior to joining Apollo, Madhura was with Deutsche Bank India in leadership roles in Finance, and previously with JP Morgan in Mumbai and London. She started her career with Arthur Andersen in Assurance and Business Advisory. Madhura is a Chartered Accountant and has cleared CFA examinations.
Suresh Maramreddy
Managing Director, Real Assets, Apollo India
Suresh Maramreddy is Managing Director, Real Assets at Apollo and is responsible for sourcing, underwriting, executing, and managing real estate investment transactions in India. He brings over 23 years of experience in real estate private equity and debt investing, portfolio strategy, and research. Prior to joining Apollo in 2010, Suresh was Vice President at Citi Property Investors' Real Estate acquisitions team and previously a Portfolio Analyst at Property & Portfolio Research (PPR). He holds an MBA from Clemson University, a Bachelor's degree in Mechanical Engineering from Osmania University, and is a CFA charterholder.
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Utsav Baijal
Partner, Head of India Private Equity (formerly; departed 2025)
Utsav Baijal served as Partner and Head of India Private Equity at Apollo, where he also managed AION Capital Partners — a strategic joint venture between Apollo and ICICI Bank focused on India-dedicated investments. He joined Apollo in 2008 and worked across private equity, mezzanine, and credit investments in the US and Asian markets. He served on the boards of IGT Solutions, Clix Capital, PlanetCast Media Services, Welspun Corp, and DishTV. Prior to Apollo, he was with Bain Capital's private equity team and McKinsey & Co. across Delhi and Hong Kong. He holds a BA in Economics from St. Stephen's College, University of Delhi and an MBA from IIM Ahmedabad. Note: Baijal moved to Bain Capital as Head of India Special Situations in 2025.
Aditya Mohata
SEBI Contact Person
Nikhil Gahrotra
Partner, Financial Institutions Group (formerly; departed 2023)
Nikhil Gahrotra served as Partner, Financial Institutions Group (FIG) within AIP Investment Advisors Private Limited, advising on India-focused credit and private equity investments. He joined Apollo in 2016 and led Apollo's credit strategy in India alongside FIG investment activity. He departed Apollo in August 2023 to join CVC Capital Partners' India PE team.
Sumeet Jain
Director, Finance – India Private Equity (SEBI Contact Person)
Sumeet Jain is Director of Finance for India Private Equity at Apollo Global Management and is the designated SEBI contact person for the AIP India Opportunities Trust (Reg. No. IN/AIF2/21-22/0957). He operates from the AIP Investment Advisors Private Limited entity at Apollo's Mumbai office.