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India Asset Growth Fund II (IN/AIF2/15-16/0212) is a SEBI-registered Category II AIF registered in March 2016, managed by Indiabulls Asset Management Company Limited (IBAMC; CIN U65991HR2008PLC095063). IBAMC is the alternative investments arm of the Indiabulls Group — one of India's largest groups in financial services and real estate. The fund was one of India's earliest Cat II AIFs. IBAMC's Cat II AIF platform focuses on strategic private equity investments in real estate — across residential and commercial projects in Tier 1 cities. The private equity arm has invested in assets of over INR 4,000 crore across residential and commercial projects through multiple funds since inception. The original registered address was Tower 3, 11th Floor, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400013. This building is now known as One International Centre (OIC), Prabhadevi (West). IBAMC's current corporate office is at 19th Floor, Tower 1, One International Centre, Mumbai – 400013.
Indiabulls AMC's AIF platform targets strategic investments in good quality real estate assets across Tier 1 Indian cities, seeking to achieve consistent, superior risk-adjusted returns through efficient financial structuring that ensures regular income, downside protection, and capital appreciation. The approach leverages the Indiabulls Group's unmatched market intelligence, deal sourcing capabilities, and development, sale, and leasing capabilities across all real estate verticals — including construction finance, lease rental discounting, and retail mortgage.
Sumit Bhatnagar
FMFund Manager – Equity
CFA. Mr. Sumit Bhatnagar had more than 18 years of work experience in the Financial Services Industry across AMC, regulatory bodies and banks. He was associated with Indiabulls Mutual Fund for almost a decade, including heading the equity vertical for six years. Previously, he worked with SEBI in their Investment Management Department for more than four years. He managed key equity schemes at Indiabulls AMC including the Indiabulls Blue Chip Fund, Tax Saving Fund, Arbitrage Fund and Savings Income Fund. He subsequently moved to LIC Mutual Fund Asset Management Ltd as Fund Manager – Equity.
Karan Singh
FMFund Manager – Fixed Income
B.A. (Honours) in Economics, Delhi University; PGDBF (Indian Institute of Finance); CFA Level 1 (CFA Institute); studied Economics at University of Melbourne. Mr. Karan Singh had more than 16 years of experience in the financial industry with a focus on Fixed Income Fund Management. He held the position of Head of Fixed Income Research at Indiabulls Asset Management. He began his career as an Intern Analyst at IL&FS AMC Ltd. in 2002, then joined Escorts AMC as an Analyst in the Fund Management and Fixed Income department. He subsequently worked as a Senior Analyst at ICRA Ltd. in the Banking and Finance department, before moving to Fidelity Investments as an Associate for Fixed Income, followed by stints at Taurus Corporate Advisory Services, DIOS Capital and Invesco Asset Management before joining Indiabulls AMC in March 2018.
Malay Shah
FMFund Manager – Debt
Mr. Malay Shah managed Indiabulls AMC's key debt and liquid schemes including the Indiabulls Liquid Fund, Ultra Short Term Fund, Short Term Fund and co-managed the Savings Income Fund alongside Sumit Bhatnagar.
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Ambar Maheshwari
Whole Time Director & CEO
B.Com (University of Mumbai), Chartered Accountant. Ambar was CEO and Whole Time Director of Indiabulls Asset Management Company Limited and later continued in that capacity at Indiabulls Investment Management Ltd. He brings substantial deal-making and structuring experience in the Real Estate sector. Prior to joining Indiabulls, he was associated with JLL as Managing Director, where he successfully ran five businesses including Corporate Finance, Education, Healthcare and Social Housing, Special Development Initiatives and Infrastructure. He had worked with DTZ for over five years profitably leading the Investment Advisory business for India which included Capital Raising, Valuations and Strategic Consulting Services. Additionally, the firm's presence in West India for other service lines — including Commercial Leasing, Project Management and Research — was set up under his leadership. With over 20 years of experience in India and Australia, Ambar focused on the Real Estate sector for the last 10 of those years. His non-real estate stints as an investment banker included IL&FS where he set up the Fee Based Investment Banking business for India, Ambit Corporate Finance and KPMG.
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 spread across Union Bank of India, United Bank of India and Oriental Bank of Commerce. During his career with Union Bank of India, he headed various branches/regions and rose to the position of General Manager, serving as the Bank's Field General Manager of its Eastern Zone and heading its Retail Banking Division. In April 2010 he took over as Executive Director of United Bank of India. From March 2012, he 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). During this period he undertook several path-breaking initiatives for bank growth, serving as CMD of Corporation Bank, Executive Director of UCO Bank, and General Manager for Technology and Retail Banking at Bank of Baroda. His initiatives included setting up a unique retail asset finance concept — the Retail Loan Factory — ensuring compliance with US regulations and reporting to the Federal Reserve Bank, FDIC and NY State Banking Department, and implementing the banking industry's most ambitious Technology Enabled Business Transformation Programme.