Trading on his famous name, Donald Trump Jr., the son of real estate tycoon and reality television star Donald Trump, has announced plans to raise as much as $1 billion for an India-focused property fund.
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Bloomberg
is reporting
that "Trump may create the privately held fund with investors including
an Indian family ... [but] he didn't give specifics on how he'll raise
the money, or when the first investment will be made."
With the number of millionaires in India soaring thanks to the country's rapid economic expansion funds focused on real estate,
infrastructure
and middle-market companies have been rushing in. Deutsche Bank AG and
Lehman Brothers Inc. are both out raising India-targeted real
estate vehicles, according to Bloomberg. The credit crunch has hit
India's property market hard in 2008, however, as higher borrowing costs
have slowed development and reduced valuations. Trump is likely to be
out bargain hunting for high-end properties during the lull.
- George
White
See Bloomberg story
See Dealscape post on Indian PE funds
