SUN Group and Apollo Real Estate closed their first fund together in December 2006 (press release) with more than $600 million capital commitments. At that time, it was the largest India-specific fund raised for any sector. The fund represents a strategic partnership between experienced sponsors. SUN Group brings its local expertise, relationships and infrastructure, while Apollo brings global real estate investment expertise. The Fund's management team then applies first-class investment experience.

The fund's investment strategy includes:

Acquisition and development of Western grade office

Development of upper and middle class residential units

Development of modern shopping centres and hypermarkets

Acquisition and development of high-end and middle-market hotels

Investment in entrepreneurial real estate companies and developers

Initial investments have included:

IT SEZ in Chennai

Retail/hotel development in Ahmedabad

Development/construction company in Bangalore

SUN-Apollo Ventures

"The joint venture with SUN in India is an important part of our growth strategy. We are committed to building an enduring and first class franchise. Apollo has a history of being a successful pioneer in emerging markets as our experience in Central and Eastern Europe has shown. The Indian real estate story is hugely exciting and we look forward to the challenges ahead."

William Benjamin, Managing Director, Apollo Real Estate Advisors Europe