BHIVE Group, which is into co-working and fintech investment platform for commercial real estate, has got a 60 per cent commitment from investors for its Rs-400 crore fund.

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The Bengaluru-based firm is setting up Rs 400 crore fund.

In a statement, the company said it has got "commitment of Rs 240 crore for its Rs-400 crore AIF Scheme - BHIVE Commercial Real Estate Opportunities Fund Series 1."

The fund is expected to have its first close by September 30.

BHIVE will deploy this capital to curate prime commercial real estate properties.

The category II close-ended fund will offer a unique opportunity to High Net-worth Individuals (HNIs) and family owned businesses looking to participate in the commercial real estate growth story.

"The fund will acquire fully completed commercial real estate properties at prime locations with clear titles and occupancy certificates, in a range of Rs 20-100 crore," BHIVE said.

The co-working firm will ensure leasing of the assets. The targeted Internal Rate of Return (IRR) is 20-24 per cent.

An Alternate Investment Fund (AIF) is created as a privately pooled investment vehicle in order to collect funds from specific investors as per a previously defined investment policy.

BHIVE Group is a startup focusing on commercial real estate. The group companies BHIVE Workspace and Bhive Alts offer co-working spaces and fintech solutions.

Started in November 2014, BHIVE Workspace has centres at 17 locations. Currently, BHIVE operates in Bengaluru and plans to be in six major cities by June 2024.