Switzerland, Investment Foundation, Asset Management and Real Estate Investments – Markus Hill spoke for FONDSBOUTIQUEN (FUND BOUTIQUES) & FINANZPLATZ FRANKFURT AM MAIN with Ajay Sirohi, Chairman and Founder of Seraina Invest, about the opportunities and challenges for a Swiss asset manager in India.
Hill: How does an Indian actually come to work for a Swiss asset manager?
Sirohi: I am the Chairman of the Board of Directors (BoD) and one of the founders of Seraina Invest. I grew up in India and studied mathematics there. Professionally, I spent a good part of my time working for various multinational companies. Eventually, I moved to Switzerland as CFO and CEO of Steiner AG, at the time one of the country’s three leading real estate development and construction companies. I founded Seraina Invest and the Seraina Invest Foundation (then Steiner Invest) and developed it into one of the leading investment funds for Swiss pension funds investing in Swiss real estate.
Hill: What are the challenges for a Swiss asset manager in India?
Sirohi: The challenge for a Swiss real estate fund in India is to differentiate itself from local real estate developers in terms of product design, quality, and delivery. Due to significant changes in the regulatory framework for the real estate sector (e.g., RERA), there has been a rapid professionalization of the real estate market in India over the last decade, especially in major cities like Mumbai. This professionalization, on one hand, facilitates the entry (investment) of foreign funds into the Indian real estate market, but of course also forces an exit of unorganised players from this market. As a Swiss fund, our products attract a lot of attention from high-net-worth and affluent clients who are looking for a different product in the high-end residential segment. Thanks to our Swiss brand, our good reputation, our high level of compliance, and our professional approach, we can attract top projects and top people in the market.
Hill: What is the role of the investment foundation, and what is Seraina Invest’s role in this context?
Sirohi: The Seraina Investment Foundation is not itself operationally active in India. It is a very successful Swiss foundation that invests exclusively in Swiss real estate. Following the foundation’s great success, some Swiss pension funds asked Seraina Invest to offer a product for the Indian real estate market. The India Real Estate Opportunity Fund RAIF (LUX SICAV) was therefore launched in 2019.
Hill: What differentiates the India Real Estate Opportunity Fund?
Sirohi: The India Real Estate Opportunity Fund (RAIF) is an alternative fund based in Luxembourg with a SICAV structure. Seraina Invest launched the fund in 2019 for Swiss investors and is mainly aimed at institutional investors, including pension funds. Waystone is the AIFM of the fund, EDB (APEX ROUP) acts as custodian bank. The fund is closed until 2030. Currently, 13 Swiss investors (mainly Swiss pension funds) are invested in the fund. The assets under management (AUM) amount to USD 80 million, consisting of three projects in prime locations in Mumbai. The fund targets an annual return of 15% in US dollars.
The US dollar exposure to the Indian rupee is fully hedged.The performance in 2024 was 13.5%.We have a project pipeline of USD 700 million, which is in the advanced due diligence phase. Most of these projects can be acquired in the next three to six months.
Hill: Thank you very much for the interview.
www.serainainvest.ch
Foto: PIXABAY