Motilal Oswal’s IREF IV closes with 20.4% IRR

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The ₹1,155 crore fund, a 2020 vintage, provided structured capital to developers at the pre-approval stage across seven cities

By BL Mumbai Bureau

Updated - October 16, 2026 at 04:39 AM.

Motilal Oswal Alternates announced on Thursday the complete closure of its fourth real estate fund, India Realty Excellence Fund IV (IREF IV), after exiting all 37 investments in the portfolio with a portfolio IRR of 20.4 per cent.

The ₹1,155 crore fund, a 2020 vintage, provided structured capital to developers at the pre-approval stage across seven cities. Its developer partners included Casagrand, Puravankara, Kolte Patil Developers, Urbanrise, Phoenix, Rajapushpa, Ashwin Sheth and Radiance Realty.

The closure comes roughly 18 months after MO Alternates fully exited IREF II in April 2025, which returned an IRR of 18.3 per cent. With IREF IV now wound down, three of the platform’s six real estate funds have been fully exited, while two others are making payouts and working toward full exit. The sixth fund, IREF VI, is currently in its investment phase.

IREF IV navigated significant headwinds during its lifecycle, including the COVID-19 pandemic, rising interest rates, cost escalations and geopolitical tensions that pressured sales and collections across the real estate sector.

MO Alternates manages a cumulative real estate AUM of over ₹11,000 crore across six funds, and has made more than 200 investments and completed over 150 exits. The platform, part of Motilal Oswal Group, manages over $3 billion in total AUM across real estate, private equity and private credit.

Published on October 8, 2026

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