Nuvama Prime Office
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of Nuvama Prime Office
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the Fund
Prime Offices Fund is co-managed by Nuvama AMC and Cushman & Wakefield (leading global CRE services firm). This co-management lends strong credibility to the fund strategy on the back of deep on-ground leasing and asset management capabilities of Cushman & Wakefield. The strategy is positioned as a high-quality real asset equity play, targeting ~20%+ gross IRR through a mix of current yield and capital appreciation. One of the key feature of the fund is the use of leverage (upto 55%), which reduces the amount of capital deployed - leading to a multiplier impact on the capital gains component.
Strategy
Commercial Real-Estate Asset Yielding Fund
Fund's Strategy View
Nuvama Prime Office is a close-ended Category II AIF focused on acquiring Grade A+ office assets in prime micro-markets across India’s leading gateway cities (priority markets include Bengaluru, Mumbai, Pune, NCR, Chennai, Hydreabad). The fund invests in late-stage assets across the value chain, including new-build, recently completed, and stabilized leased properties, balancing higher entry yields with strong leasing visibility and exit potential. The strategy is centred on ‘offices of the future’: LEED/WELL-certified, ESG-compliant, amenity-rich buildings designed for global occupiers. Exits are targeted via secondary sales to global private equity funds, REITs/SM-REITs, insurance companies, or strategic buyers. The fund employs leverage of ~50–55%.
Fund Performance
Most asset-yielding debt funds are close-ended. Funds that are open for subscription are new funds without a past performance track record - investors need to be careful about considering performance of previous fund series to new funds (since the underlying investment environment may have changed considerably).
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Nuvama Prime Office |
Performance as of: 31-Jan-26 | Inception Date: 25-Sep-25 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Gaurav Puri | 4-star rated FM
CIO | 18 yrs Experience | 2 yrs at current firm
Past Experience: Godrej (Head Investment), Rising Straits Capital (VP), Tata (Investments)
Gaurav Puri is a real estate private equity professional with deep experience across investment and development management. He currently serves as CIO – Commercial Real Estate at Nuvama, leading the firm’s real estate investment activities. Prior to this, he was responsible for Investments, Product, and Strategy at Godrej Fund Management. He has deal experience across the real estate product lifecycle, multiple asset classes, and diverse capital and transaction structures on a pan-India basis
Ajay Vora | 3-star rated FM
Head - Equities | 20 yrs Experience | 6 yrs at current firm
Past Experience: Reliance Industries (FM), Enam (Head-Research), Morgan Stanley (Research Associate)
Ajay Vora brings over 18 years of investment management experience. Prior to Nuvama, he led the equity investment team at Reliance Industries’ treasury over five years. Earlier, he began his career as a sector analyst at Morgan Stanley and later spent over six years at ENAM AMC.
Nikhil Ranka | 3-star rated FM
CIO - Alternatives | 20 yrs Experience | 6 yrs at current firm
Past Experience: Reliance Industries (PM-Treasury) Lloyd George Management (Investment Research Analyst), Future Capital, ICICI Sec, and Kotak Sec.
Nikhil Ranka brings over 18 years of investment experience. Prior to joining Nuvama, he led the equity investment team at Reliance Industries’ treasury for over five years. Earlier in his career, he worked as an investment research analyst at Lloyd George Management for 5 yrs. He had stints with Future Capital, ICICI Sec, and Kotak Sec.
IME's Review of Nuvama Alternatives
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
View on AMC
Nuvama Alternatives offers a range of alternative strategie, which include offerings in late-stage Private Equity, Venture Debt & listed equity strategies. These funds were part of the carve out of Edelweiss AMC, as part of the sale of the wealth management business to Nuvama.
AMC's Pedigree
Nuvama Asset Management sits within the broader Nuvama Group, which has transitioned from its Edelweiss lineage into a focused wealth and asset-management institution with strong capital-markets, structuring, and institutional distribution capabilities
AMC Team
Nuvama has a diversified investment team aligned to the wide range of strategies it offers. The platform is structured around specialised teams for different investment categories, supported by a well-developed central research capability.
Investment Philosophy
Nuvama follows a flexible investment philosophy at the AMC level, with frameworks tailored to the specific strategy and the expertise of the respective investment teams
AMC Background
Nuvama is a prominent asset management company in India, offering a diverse range of alternative investment solutions across private equity, listed equity alternatives, and structured solutions. With an AUM exceeding ₹11,000 crore and a client base of over 4,000 investors, Nuvama has established itself as a leader in the alternatives space
Investment Philosophy
- Core Philosophy: Nuvama's investment philosophy revolves around a multi-asset, multi-market approach, offering clients diversified exposure across equities, commodities, alternatives, real estate, fixed income, and currencies.
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