BHIVE’s AIF Manager Sandeep Gupta Resigns, Co Launches INR 400 Cr CAT-2 AIF

Bengaluru-based coworking giant BHIVE said that the fund manager of its alternative investment fund (AIF), Sandeep Gupta, has resigned from his role in the company to pursue opportunities elsewhere.

While a BHIVE spokesperson informed Inc42 that Gupta was only handling the AIF after a restructuring in the company more than a year ago, as per Gupta’s LinkedIn profile, he was a cofounder and chief business officer, fintech, at BHIVE. Bhive Alts is the fintech arm of the BHIVE Group.

BHIVE said Gupta’s departure would not lead to any disruption to its investment trajectory or have any impact on its current portfolio, as the current AIF had not yet been operationalised.

“Change is inherent in the investment landscape. Our team, fortified by expertise and dedication, is committed to delivering optimum results and upholding our investors’ trust in us,” said Sheshagiri Rao Paplikar, founder and CEO of the BHIVE Group. 

BHIVE also announced its decision to wind up the AIF managed by Gupta and launch a new coworking-focussed category II alternative investment fund (AIF) of INR 400 Cr.

The new fund will acquire fully completed commercial real estate properties at prime locations with clear titles and occupancy certificates, said BHIVE. 

The fund will also offer opportunities to high-net-worth Individuals (HNIs) and family-owned businesses looking to invest in commercial real estate. As per the company’s earlier plans, the fund would have a low entry ticket size of INR 1 Cr.

In May last year, BHIVE Group announced its plans to raise an INR 400 Cr AIF registered with the Securities and Exchange Board of India (SEBI). In September 2022, it said it had received commitments of INR 240 Cr for the fund from some global family offices and marquee business houses in India.

“There has been exponential growth in the number of AIFs in India. Unlike a decade ago, when offshore investors were funding India’s AIFs, the expanding pool of domestic investors is helping them grow today. We see a tremendous opportunity in this segment and will go aggressive with our plans as we embark on the next growth phase of the organisation,” said Paplikar.

Founded in November 2014, BHIVE Group runs BHIVE WORKSPACE and Bhive Alts. BHIVE Workspace is among the largest co-working space providers in Bengaluru and claims to have 172 startups and companies operating from its 25 locations. 

Currently, BHIVE operates in Bengaluru and plans to be in six major cities in India by June 2024. 

As per the company’s website, Bhive Alts has over 160 Cr of assets under management (AUM), with more than 45,000 investors on the platform. The business is aimed at providing retail investors access to alternative investments.