WSB Real Estate Partners

What WSB Real Estate Partners does

WSB Real Estate Partners Private Limited is a Mumbai-based Alternative Investment Fund (AIF) manager registered with SEBI under Category II (registration IN/AIF2/22-23/1229), headquartered in Bandra Kurla Complex. The firm specializes in senior secured debt investments in mid-income residential and affordable housing real estate projects across five or more Indian metros (Mumbai, Bangalore, Chennai, Hyderabad, and Pune). As of reporting, WSB manages a cumulative ~INR 3,800 Cr (~US $440 Mn) in debt capital across 73 investments with a 71% exit rate, having facilitated the development of 25,000+ housing units through its development partner ecosystem. Its product suite includes the WSB Real Estate Debt Fund umbrella, the WSBREDF series (Vintages 2018, 2021, 2024), the closed BlackSoil Realty Trust opportunistic vehicle, Managed Investment NCDs, and a Managed Account advisory mandate covering ~USD 180 Mn of equity transactions.

WSB originated as the India debt business of US-based Walton Street Capital, where the current management team built the platform over 13 years starting in 2008-09. In mid-2021, BlackSoil Group backed the Indian management team (Kaushik Desai, Vinit Prabhugaonkar, Vimal Jangla) to execute a Management Buyout of Walton Street Capital's India Debt business, rebranding the firm as WSB Real Estate Partners. The platform is now jointly held by the management team and BlackSoil Group. Named developer counterparties include Shapoorji Pallonji (Rs 75 Cr prior investment plus BKC 9 financing), Sowparnika Homes (Rs 165 Cr), Paranjape Group (Rs 105 Cr), and Bollineni Group (Rs 202 Cr exited). The firm earns management fees on managed AIF capital, advisory fees on discretionary mandates, and potential carried interest on successful exits; pricing terms are negotiated bilaterally with institutional and accredited investors. In April 2026, the three founding leaders were reported to have departed to establish a competing real estate investment platform with Neo Alternative Asset Managers, though WSB continues to operate with a remaining team including Chirag Shah, Rahul Rajendran, and several analysts and associates.

Name

WSB Real Estate Partners

Legal name

WSB Real Estate Partners Private Limited

Website

https://wsbindia.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

WSB Real Estate Partners is a Mumbai-based SEBI-registered Category II AIF manager providing senior secured debt capital to mid-income residential and affordable housing developers across India's key metros. It manages roughly INR 3,800 Cr across multiple fund vintages.

Ownership category

akta.pro rank

Product category

Real Estate Debt Fund Management

NAICS

Mortgage and Nonmortgage Loan Brokers (52231), Other Financial Vehicles (525990)

SIC

Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163)

akta.pro primary industry

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB)

akta.pro secondary industry

Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH)

Keywords

• Real estate debt funding
• Alternative investment funds
• Residential developer financing
• Structured credit solutions
• Investment management services

Headquarters

HQ city

Bandra

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: WSB Real Estate Partners operates as a fund manager for WSB Real Estate Debt Fund (Category II AIF). The firm earns management fees from managing third-party institutional and retail capital. Additional revenue may come from carried interest/performance fees on successful fund exits.
2. Investment Advisory: Advisory services on equity transactions worth approximately USD 180 million through managed accounts.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

WSB Real Estate Partners manages SEBI-registered Category II Alternative Investment Funds that provide senior-secured debt financing to mid-income residential and affordable-housing developers in key Indian metros, alongside opportunistic investment vehicles and managed-account advisory mandates. The firm raises capital from institutional and accredited investors and earns management fees plus carried interest on successful exits across a portfolio that has exceeded INR 3,800 crore deployed and 25,000+ housing units delivered through developer partners.

Product overview

WSB Real Estate Partners is an Alternate Investment platform jointly held by management team and Blacksoil Group. The firm operates a platform of multiple named fund products including WSB Real Estate Debt Fund (Category II AIF), WSBREDF I/II/III (Senior Secured Debt funds), Blacksoil Realty Trust (Opportunistic), and Managed Investment NCDs. All funds focus predominantly on mid-income residential real estate debt investments in Indian metros, with one opportunistic fund and one advisory mandate covering residential/commercial projects. The products collectively manage over INR 3,800 Cr (~US $440 Mn) across 73+ investments in 5+ metros, with 71% exit rate on debt transactions.

Differentiator

Problem solved

Functional benefit

Brands

• WSBREDF I: Walton Street Blacksoil Real Estate Debt Fund I - Senior Secured Debt fund for mid-income residential real estate, vintage 2018, closed.
• WSBREDF II
• WSBREDF III
• BlackSoil Realty Trust (BRT)

Products and services

• WSB Real Estate Debt Fund (Category II AIF) SEBI-registered Category II Alternative Investment Fund that invests senior-secured debt capital in mid-income and affordable residential real estate projects in Indian metros; aimed at institutional and accredited investors seeking real-estate credit exposure.
• Walton Street Blacksoil Real Estate Debt Fund I (WSBREDF I) Senior-secured debt fund vintage 2018 focused on mid-income residential real estate, deploying approximately INR 341 Cr across 10 transactions; closed status.
• Walton Street Blacksoil Real Estate Debt Fund II (WSBREDF II) Senior-secured debt fund vintage 2021 focused on mid-income residential real estate, deploying approximately INR 866 Cr across 14 transactions; ongoing.
• WSBREDF III Senior-secured debt fund vintage 2024 focused on mid-income residential real estate, deploying approximately INR 565 Cr across 8 transactions; ongoing.
• BlackSoil Realty Trust (BRT) Opportunistic residential real-estate fund vintage 2013, deploying approximately INR 158 Cr across 7 transactions; closed.
• Managed Investment NCDs Senior-secured non-convertible debenture structures managed since 2013 in mid-income residential real estate, with approximately INR 1,531 Cr deployed across 32 transactions.
• Managed Account (Advisory) Opportunistic investment advisory mandate covering a portfolio of residential and commercial projects (vintage 2007), including advisory on four equity transactions worth approximately USD 180 Mn across four transactions.

Quantifiable outcome

• 73 investments spread across 5+ metros with 71% successful exits
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Neo Alternative Asset ManagersminorStrategic or Co-development Partner · 6 April 2026Neo Alternative Asset Managers partnered with former WSB senior leaders Kaushik Desai, Vinit Prabhugaonkar, and Vimal Jangla to launch a dedicated real estate investment platform. The platform focuses on structured and opportunistic investments across residential, industrial and logistics, commercial, and special situations in key urban markets across India.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ICICI Venture Real Estate Fund: ICICI Venture is an India-focused PE/AIF platform with a dedicated real estate strategy that invests debt and equity into Indian developers. Most comparable in fund structure (Category I/II AIF), target asset class (Indian real estate), and developer-segment focus.
• Kotak Realty Fund: Kotak Realty Fund is a SEBI-registered real estate AIF run by Kotak Mahindra Group that lends to Indian developers across residential, commercial, and mixed-use projects. Closest direct analogue to WSB in deployment style (debt-led, developer-focused) and institutional LP base.
• SWAMIH Investment Fund: SWAMIH is a government-backed Category II AIF investing in stressed/stalled mid-income and affordable housing projects across India. Direct competitor for the same developer segment and explicitly cited in WSB's team bios (former investment roles), making it a head-to-head.
• Aditya Birla Capital Real Estate Fund: Aditya Birla Real Estate Fund is a SEBI-registered AIF investing in Indian real estate opportunities including developer financing. Similar mid-market developer credit focus and institutional structure make it a near-direct comparable.

Broad incumbents

• Piramal Capital & Housing Finance: Piramal Capital operates a large NBFC and real estate credit business extending developer and housing finance across India. Comparable as a real estate debt provider to mid-market developers, but broader in product scope (housing finance, wholesale, SLB) than WSB's pure AIF structure.
• Blackstone India Real Estate: Blackstone operates large India-focused BREIT and BREP funds deploying into commercial, warehousing, and residential assets. Comparable at the Indian real estate AIF level, but materially larger, broader in scope, and primarily equity-led rather than senior-secured debt.
• KKR India Real Estate: KKR's India real estate strategy deploys capital across residential and commercial developments, including debt and equity via NBFC and AIF vehicles. Comparable in fund-vehicle design and developer-financing focus, though with global LP base and broader mandate.

Regional players

• L&T Realty / Larsen Finance: L&T Realty develops mid- and premium-income residential projects across India and L&T Finance Holdings operates lending businesses to real estate. Relevant as both a developer counterparty for WSB and a parallel capital allocator in the Indian residential segment.

Emerging players

• Anarock Capital (RE Equity Advisors): Anarock operates a real estate-focused investment advisory and capital-markets practice in India, including debt placement, equity syndication, and structured financing for developers. Adjacent rather than direct: competes for capital-raise mandates and developer relationships but does not run a parallel AIF debt book at scale.

Others

• CBRE South Asia Pvt Ltd: CBRE India provides valuation, advisory, and capital markets services for Indian real estate, including investment sales and debt placement for developers. Comparable as an enabler / advisory counterparty in Indian real estate capital deployment and a known employer of WSB hires (Vishvam Dave transferred from CBRE).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WSB Real Estate Partners