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Nuvama and Cushman & Wakefield Management Private Limited (NCW) is a 50:50 joint venture between Nuvama Asset Management Limited and Cushman & Wakefield, established to create a differentiated platform for investing in Indian commercial real estate. The JV received SEBI approval for its PMS registration (INP000009737) in January 2024 and announced the first close of its flagship Prime Offices Fund (PRIME) in January 2025 at a corpus of approximately ₹1,700 crore, against a target raise of ₹3,000 crore. NCW combines Nuvama's fund management capabilities with Cushman & Wakefield's global commercial real estate expertise — including deep knowledge of occupier needs, 'offices of the future' and operational capabilities. The fund focuses on Grade A+ office assets across key micro-markets in India's top six cities: Bengaluru, NCR, Pune, Mumbai, Chennai and Hyderabad, investing across new developments, completed and leased assets. NCW operates under the Nuvama Group umbrella and does not have a separate standalone website. Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm with approximately 52,000 employees in nearly 400 offices across 60 countries, reporting revenue of $9.5 billion in 2023.
NCW aims to empower domestic Indian investors with access to Grade A+ 'Offices of the Future' — a segment historically dominated by global institutional capital. The platform combines Nuvama's fund management and investor-access infrastructure with Cushman & Wakefield's prowess in commercial real estate underwriting, occupier intelligence and operational capabilities, targeting superior risk-adjusted returns across market cycles.
Gaurav Puri
Chief Investment Officer, NCW
Gaurav Puri is the Chief Investment Officer of Nuvama and Cushman & Wakefield Management Private Limited (NCW). He led the deployment of the Prime Offices Fund (PRIME) and has been the principal spokesperson for the JV's investment strategy. He has deep expertise in Indian commercial real estate investment and fund management.
Anshu Kapoor
President & Head, Nuvama Asset Management (JV Co-promoter)
Anshu Kapoor heads the Asset Management business at Nuvama and is the primary spokesperson from the Nuvama side for the NCW joint venture. Prior to Nuvama, he was a Director at Merrill Lynch developing wealth management across India, Middle East, Asia Pacific and North America, and has worked in leadership roles at HSBC and ICICI Bank. He joined Edelweiss Group in 2010 and grew the private wealth business 15x in 7 years.
Anshul Jain
Chief Executive – India, Southeast Asia & APAC Tenant Representation, Cushman & Wakefield (JV Co-promoter)
Anshul Jain is the Chief Executive for India, Southeast Asia and APAC Tenant Representation at Cushman & Wakefield and is the key spokesperson from the Cushman & Wakefield side for the NCW joint venture. He championed the formation of the NCW platform and the launch of the Prime Offices Fund (PRIME), articulating the investment case for India's Grade A+ office sector.
Nikhil Kumar Srivastava
Nominee Director on NCW Board (PAG / Nuvama)
Nikhil Kumar Srivastava serves as a Nominee Director on the board of Nuvama and Cushman & Wakefield Management Private Limited. He is a Partner and Co-Head of Private Equity at PAG (Asia's largest alternative investment managers with USD 55 billion AUM). He joined PAG in April 2019 to start PAG's India office and previously spent almost a decade at KKR across India, Singapore and the United States. He holds a B.Tech from BITS Pilani, an MS in EE from Stanford University, and an MBA from Harvard Business School.
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