India: Fund Management/ REITs

DWS is a Deutsche Bank controlled asset manager. DB Beteiligungs-Holding GmbH, itself a wholly owned subsidiary of Deutsche Bank AG, holds 79.49% of DWS, with the balance traded on the Frankfurt Stock Exchange. NLIAIF manages AIFs in India and sits under Nippon Life India Asset Management Limited (‘NAMI’), of which Nippon Life Insurance Company, Japan holds 71.93%.

Combination Registration No. C-2026/04/1415, Brookfield Asset Management Ltd., Brookfield Wealth Solutions Ltd. (‘BWS’), Atlas Top Sub I Splitter LP, Exchange LP, Oaktree Capital Group Holdings, L.P. (‘OCGH’), and Oaktree Equity Plan, L.P. (‘OEP’)

TVS Emerald and TVS VMC are both ultimately controlled by Mr. Sudarshan Venu, and the acquirer group is engaged in real estate development and trading. TVS VMC was incorporated in January 2026 and does not yet carry on business. PGIM AMC acts as asset management company to PGIM India Mutual Fund, as portfolio manager, as investment manager to a category III AIF and as investment adviser to foreign portfolio investors, while PGIM Trustees acts as trustee of the mutual fund.

India's private capital market is attracting significant investor interest across manufacturing, digital infrastructure, energy, healthcare and private credit sectors. However, deploying capital effectively requires increasingly sophisticated structuring that addresses interconnected regulatory, financing, governance and exit considerations. Success demands coordination across multiple disciplines and collaboration between advisers with deep local knowledge and international cross-border experience.

India's Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) were conceived in the aftermath of the 2008 global financial crisis as vehicles to channel long-term institutional capital into India's chronic infrastructure and real estate funding gaps.

India’s Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) were designed as tax-efficient ways to invest in income-producing assets through a regulated, transparent structure. That promise remains, but three successive legislative reforms between 2023 and 2026 have changed the tax structure for these business trusts and their investors.

The Securities and Exchange Board of India has introduced new guidelines allowing Alternative Investment Funds to retain cash for unresolved legal or tax liabilities while significantly reducing compliance requirements. These rules create an 'Inoperative Fund' status that enables funds to enter dormancy without maintaining expensive regulatory structures, addressing the operational gridlock where commercially finished funds remained legally open due to pending disputes.

If you run a privately pooled fund in India today, you have probably run into the limits of the structures currently available. A trust, a company or a limited liability partnership can each house a fund, but none was built for one, and each leaves a gap. In a company, capital cannot move freely; returning it to investors needs a court-approved reduction or a limited buy-back. Further, none offers statutory ring-fencing for multiple strategies under one roof: protection between schemes rests on contract, not on the statute itself.

The Reserve Bank of India has introduced a new regulatory framework allowing commercial banks to extend credit facilities to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), marking a significant expansion of the lending universe for banks. The Amendment Directions establish comprehensive prudential safeguards including asset quality thresholds, exposure limits, security requirements, and repayment structures designed to balance financial stability with enhanced debt fund