Taurus Sage Fund

India Real Estate Asset Platform

The Taurus Sage Funds Management platform brings together significant global expertise in Real Estate asset management. With Real Estate development & financing experience embedded in the core of its DNA, the platform is able to identify, acquire, develop and monetize real estate investments seamlessly.

The Taurus Sage partnership which sponsors the IREAP (India Real Estate Asset Program) platform is an amalgamation of the global Real Estate experience of Taurus spread across both developed and emerging markets and the extensive India Private Equity and Real Assets experience of Sage. Both managers will jointly assess risks for evaluated opportunities, secure key terms and put in place a robust asset management & monitoring process.

Taurus Yosemite

IREAP Investment Strategy

Taurus Sage Funds Management LLP is the Investment Manager for the IREAP (India Real Estate Asset Program) platform, registered under AIF Category II with the Securities and Exchange Board of India (SEBI).IREAP I platform aims at opportunistically investing in high-quality real estate assets and development opportunities across India’s fastest-growing cities.


Strong Leadership & Advisory Board: Significant proven investment management experience and internationally acclaimed advisory board with thought leaders and real estate practitioners

Risk Management Framework: Thoroughly underwritten, risk eliminated, exit focused, investment thesis in Commercial and Residential RE

Active Investment Management: Sponsors will actively oversee and help manage all investments through their highly experienced, multi-functional, on-the-ground team

Significant Sponsor Commitment: 10% of aggregate total, subject to maximum capital commitment of $15 Million via investments in seed assets


Location Strategy: Tier 1 cities such as Bangalore, Chennai, Hyderabad and Mumbai. Fast growing, attractive, Tier 2 markets such as Trivandrum, Kochi, Vizag and other cities

Asset Strategy: Build-to-Core, Class A, Commercial RE assets and Mid-scale, Residential Developments

Investment Structure Strategy: Structured equity/debt & mezzanine transactions with adequate asset cover

Development Strategy: Deployment via Established and Dominant Developers in each micro-market having solid execution track record & credit history


Opportunity High quality (Core) Operating assets are almost non-existent in India post the massive wave of acquisitions by institutional platforms between 2014 and 2020

Returns: Built-to-Core development of commercial RE assets allows investors to benefit from strong capital appreciation because the investment is at cost (of development) but exits can be achieved at par with core assets.

Target Range: 18%-22% (INR) Annualised

Direct exits: Commercial assets exited to REITs/institutions and Residential through sale of units to end-users

Sustainable Investing

The Taurus Sage Funds Management program provides its stakeholders with an investment platform that excels in its commitment to ethical, sustainable and responsible investing.

Whether it is building LEED- certified office spaces, or building energy efficient, safe & sustainable residences for lifestyle conscious occupiers, our investment philosophies are prioritized by those environmental, social and governance (ESG) factors that are most material for a given investment.


  • Biodiversity and habitat
  • Climate change
  • Land contamination
  • Energy consumption
  • Greenhouse gas emissions
  • Indoor environmental quality
  • Location & Transportation
  • Materials
  • Pollution
  • Resillience to catastrophe/disaster
  • Renewable energy
  • Sustainable procurement
  • Waste management
  • Water consumption


  • Community development
  • Health & safety
  • Human rights
  • Inclusion & diversity
  • Labour standards & working conditions
  • Social enterprise partnering
  • Stakeholder relations
  • Occupier amenities - Community areas, green zones, showers, changing rooms


  • Anti-bribery and money laundering
  • Cybersecurity
  • Ðata protection & privacy
  • Legal & regulatory fines
  • ESG clauses in lease agreements


Manish Kanchan

Chairman and Head of Investment Committee

  • Founder and principal shareholder of Sage Capital , with 30 years of financial services experience, primarily in leadership positions
  • Ex-CEO of Ambit Capital - helped build it into one of India’s leading investment management and brokerage institutions
  • Ex-Arthur Andersen, where he worked for 7 years
  • Chartered Accountant and holds a Bachelor’s degree in Commerce from the University of Bombay
Ajay Prasad

CEO & Vice Chairman of Investment Committee

  • Managing Director for Taurus India, overall responsible for due diligence, acquisition, planning, financing, project management and operation of all investments in India
  • Real estate investment experience over $1.5 Billion across India
  • Chairs the Global Real Estate Institute’s Committee on Future Retail (CXOs of the world’s largest retail and mixed-use real estate owners and institutional investors)
  • Member of the Forbes Council and delivers guest lectures at graduate schools including MIT, Harvard and Wharton
  • Alumnus of the Massachusetts Institute of Technology and the Indian Institute of Management, Calcutta
Sumeet S Mitra

Managing Director

  • Founder at Jupiter Capital Advisory, Investment banking & advisory services to Single-Family Offices, Start-ups, Real Estate, Media & Technology corporates
  • Advisor to several Real Estate developers in Mumbai
  • Ex- Halcyon Special Situations India Fund. Ex- Prudential UK, Risk management consultant, multiple roles across London and Mumbai
  • Masters degree in Finance from IBS, Mumbai, Bachelor’s degree in Commerce & Bachelor’s degree in Law from the University of Bombay
Harish Katyal

Managing Director

  • Over 30 years of operational and regulatory experience with large corporate groups in India
  • Sage Capital resource since 2010; in charge of Finance, Legal & Regulatory matters and Stakeholder reporting
  • Ex-STAR TV Siticable Network Private Limited, Broadcast Worldwide Limited and Wire
  • Ex- Wireless (India) Limited (WWIL), a ZEE network enterprise
Anil Kumar

Chief Operating Officer

  • As Chief Operating Officer and Senior Vice President of Taurus India, responsible for all operations in India including existing and new projects
  • Vast experience in the field of project management for over 25 years in Government assignments across different sectors including PPP projects
  • Instrumental in developing one of India’s leading sports stadiums at Trivandrum, from concept to commissioning
  • Ex-Chief Engineer with the Kerala State Electricity Board; headed the World Bank Aided Dam Rehabilitation and Improvement Project
  • Alumnus of College of Engineering, Trivandrum
Jeevan Varghese

Chief Financial Officer

  • As Chief Financial Officer for Taurus India, Jeevan manages the Finance, Compliance, and Administration functions of Taurus India
  • Ex-Chairman of the Institute of Company Secretaries of India – Thiruvananthapuram Chapter
  • Ex-Chief Manager in one of the leading business houses in Kerala
  • Fellow Member of Institute of Company Secretaries of India, Masters Degree in Commerce and Law

Contact Us

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