Even as real estate investors wait for that elusive price correction, Piramal Fund Management has taken a contrarian call through its Indiareit Apartment Fund which was launched in October 2014. The fund, the first of its kind in India, has raised Rs 550 crore from high net-worth individuals, promoters and family offices to purchase residential apartments across India at discounted rates. Even in such market conditions, the fund is looking to generate IRR (internal rate of return) of 26 per cent over two to three years, unlike other private equity funds which have a lifespan of five years or more. The fund has already deployed more than 50 per cent of the money raised last year. Piramal Fund Management team. The team delves deep into project specifics like location, pricing in the area, sales velocity and quality of the developer before writing out a cheque.