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India's largest institutional asset manager focused on retail real estate.
Lake Shore India Retail Venture Fund (IN/AIF2/16-17/0293) is a SEBI-registered Category II AIF managed by Lake Shore India Advisory Private Limited — India's largest institutional asset manager focused exclusively on retail real estate. Lake Shore was co-founded by Scott Eisenberg (JD/MBA, University of Chicago) and Ashwin Puri (B.Com/Economics, University of Mumbai; ex-CEO of Pioneer Property Zone, a JV with South Africa's Old Mutual), both of whom bring decades of international retail real estate experience. The fund invests in India's retail-led mixed-use real estate sector — shopping malls, high streets, and retail-anchored mixed-use developments — across major Indian cities. LEI: 335800KOV9ES6K94KO44. Registered address: Unit No. 1611-12, 16th Floor, C Wing, G Block, One BKC, Bandra Kurla Complex, Bandra East, Mumbai 400051. The manager entity Lake Shore India Management Private Limited (CIN: U74120MH2013PTC243864) and the AIF manager Lake Shore India Advisory Private Limited share the same address. Lake Shore's current portfolio includes operated retail destinations in major MMR and other tier-1 markets. The fund is one of Lake Shore's investment vehicles alongside managed accounts and special situations.
Lake Shore's investment thesis is built on the proposition that India's retail real estate sector remains deeply under-penetrated relative to global benchmarks — and that institutional capital combined with deep operational expertise can create category-defining lifestyle destinations for urban India. The firm's investment approach is distinguished by its role as an 'operational investor': Lake Shore does not merely provide equity capital; it brings in-house capabilities in design, development management, leasing, tenant management, and operations that are applied to every investment. Key principles: (1) Underpenetrated markets — seek globally proven but India-underpenetrated asset classes and capture first-mover or differentiation advantages; (2) Digitalization — participate in opportunities created by e-commerce and omni-channel retail transformation; (3) Consumption patterns — track evolving consumer preferences, taste, and demographics to identify new and growing asset classes; (4) Capital value creation — partner at execution and development stage to mitigate land conversion, aggregation and approval risks while capturing development upside. Lake Shore focuses on creating incredible lifestyle destinations for urban India across retail-led mixed-use formats.
Scott Eisenberg
Co-Founder & Managing Director
Scott Eisenberg is Co-Founder and Managing Director of Lake Shore. He is responsible for implementing strategic objectives and overseeing key acquisition, construction, financing, and disposition decisions. Previously, Scott was Head of Investments for a dedicated India real estate private equity fund and has significant experience developing and managing real estate assets in the United States. Scott received a BA from the University of Michigan and earned a JD and MBA from the University of Chicago.
Ashwin Puri
Co-Founder & CEO
Ashwin Puri is Co-Founder and CEO of Lake Shore with overall responsibility for corporate strategy and all aspects of core business activities. He has over 20 years of retail real estate experience and has been involved in the design and management of some of India's largest and best performing shopping centers. Prior to Lake Shore, Ashwin was CEO of Pioneer Property Zone (a JV with South Africa's Old Mutual), and spent 5 years leading the development of Bentel International in India (an architectural firm specializing in mall design) and with Interpark ICS (now Secure Parking). He holds a Bachelors in Commerce and Economics from the University of Mumbai.
Karim Merchant
Partner & Chief Investment Officer
Karim Merchant is CIO at Lake Shore with primary responsibility for acquisitions, structuring, financing, and portfolio management. Prior to joining Lake Shore in 2015, Karim spent 9 years with GID, a Boston-based real estate investment and development firm, where he oversaw the conceptualization and growth of a real estate development management platform in India, helped establish GID's JV program in Brazil, and was involved in international investment initiatives across Asia, Europe, and Latin America. He holds an MBA from Babson College and a Bachelors in Commerce from the University of Mumbai.
Ishwaran Iyer
Chief Financial Officer
Ishwaran Iyer is CFO at Lake Shore, responsible for financial management, accounting, tax, treasury, risk management, compliance and audit for Lake Shore, its Funds and portfolio companies. Prior to joining Lake Shore in 2016, he worked with Piedmont Development (a subsidiary of Boston-based GID), in KPMG's corporate finance group in Delhi, and with Ernst and Young in Bahrain. He is a qualified Chartered Accountant and holds a Masters in Commerce from Annamalai University.
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Prajnya Shetty
Chief People Care and Development Officer
Prajnya Shetty joined Lake Shore in 2017 and leads talent acquisition, training, employee engagement, and HR functions. Previously spent 10 years in human resources with the East India Hotels Group (Oberoi Group of Hotels, Mumbai). She holds an MBA in human resources and a BSC in Information Technology from the University of Mumbai.
Sunil Shroff
Chief Portfolio Officer – Operations
Sunil Shroff has responsibility for budgeting, leasing, marketing, tenant fit-out, and operations across Lake Shore's operating portfolio. Prior to joining Lake Shore in 2018, he was CEO of Viviana Mall (one of Mumbai's largest and best-performing regional malls). Career began in 1995 with the Taj Group of Hotels; also held senior positions with Sodexo, Inorbit Malls, and the Wadhwa Group. He holds a degree in hotel management from Rizvi College Mumbai.
Gurvineet Singh
Chief Business Officer – Leasing
Gurvineet Singh leads all leasing activities and key strategic tenant relationships for Lake Shore's portfolio. He has 16+ years of direct leasing and shopping center management experience. Previously CEO of Viviana Mall (2018–2022) and has also worked with Inorbit Group and Future Group. He holds a Masters in International Business from ITM Business School Mumbai.
Daryush Marfatia
Group General Counsel
Daryush Marfatia is responsible for all Lake Shore legal functions and is actively involved in fund management, investment, financing, and operating activities. Prior to Lake Shore, spent 12 years with Shardul Amarchand Mangaldas, J Sagar and Associates, and Bharucha & Partners working primarily on real estate acquisitions, diligence, and litigation. Began his legal career as a judicial clerk at the Bombay High Court. He holds a BLS LLB from Government Law College Mumbai.
Ayush Rastogi
VP – Investments
Ayush Rastogi is part of Lake Shore's investment management team, responsible for sourcing, underwriting, structuring, and execution of transactions for Lake Shore's Funds. Prior to joining Lake Shore, he worked in the leasing and capital markets groups at Cushman & Wakefield and JLL. He holds an MBA from the Indian School of Business (ISB), Hyderabad.
Amish Keniya
VP – Design & Development
Amish Keniya heads Lake Shore's Design Studio overseeing all design including structural and MEP groups. Prior to Lake Shore, he spent 15 years with PG Patki Architects (one of Mumbai's largest full service architectural firms) working on 50+ projects across India, with emphasis on five-star hotels. He is a qualified architect with a Bachelor of Architecture from Mumbai University.
Dheeraj Upadhyay
VP – Contract & Procurement
Dheeraj Upadhyay is VP Contracts and Procurement at Lake Shore, responsible for tendering, vendor management, and contract negotiation. Career began at Reliance Industries; also worked with INX Media and Samsung C&T before joining Lake Shore in 2018. He holds a PGDM in Construction Management and Infrastructure Development from NICMAR and is a qualified Civil Engineer.
Kshitij Hinger
VP – Projects & Construction
Kshitij Hinger is VP Projects and Construction, responsible for pre-development planning, contractor assessment, budgeting, and program management. He has 17+ years of construction management experience. Prior to Lake Shore, worked with Reliance Infrastructure for 10 years where he played a senior role in the construction of the Mumbai Metro. He holds a B.Tech in Civil Engineering from IIT Bombay.