In the real estate financing sector, a significant trend is emerging where many senior executives from both domestic and international firms are leaving their high-profile jobs to start their ventures. This shift towards entrepreneurship is driven by a growing demand for alternative investment funds (AIFs) to purchase land, especially as non-banking financial companies (NBFCs) face tighter regulations. In recent months, around half a dozen such executives have made this move, with Nipun Sahni, a partner at Apollo Global Management, being the most recent to join this wave.
Nipun Sahni is expected to launch a real estate-focused fund with support from Apollo Global Management, the US-based investment firm he was previously associated with. Sources suggest that Apollo has agreed to anchor the fund if Sahni decides to move forward with the venture. Reflecting on his journey, Sahni expressed gratitude for his time at Apollo, calling it the “best chapter” of his 30-year career. As he ventures into entrepreneurship, he will continue advising Apollo on its real estate portfolio in India.
Throughout his career, Sahni has overseen investments and managed assets worth more than ₹20,000 crore. He has been instrumental in executing over 50 high-profile transactions with some of the biggest names in real estate, including Ascendas, Piramal, DLF, Lodha, Runwal, Sattva Salarpuria, and the Embassy Group. Sahni’s tenure at Apollo, which began in 2015, followed his leadership of Merrill Lynch’s real estate fund in India, where he gained substantial experience in the sector.
Another executive leaping into entrepreneurship is Ankur Gulati, who recently resigned from his role as managing director of real estate investments at Canada’s CPP Investments (CPPIB) after nearly a decade with the firm. Gulati is reportedly planning to establish an alternative investment fund focused on public equities. While he declined to provide any comments on his next steps, industry sources confirm his entrepreneurial aspirations.
Several other prominent real estate executives are also making similar moves. Ashish Singh, who serves as the partner and head of real estate in India and Southeast Asia at UK-based private equity firm Actis, is expected to explore an entrepreneurial role after transitioning from the firm. His departure is anticipated by the end of next year, giving him ample time to make his next move.
Other notable figures leaving their current roles include Amar Merani, chief investment officer and head of real estate assets at 360 One Asset; Avinash Sule, CEO of industrial, logistics, and hospitality at RMZ; and Chanakya Chakravarti, head of indirect investments for Asia-Pacific at Ivanhoe Cambridge, a real estate arm of CDPQ. These shifts indicate a growing trend of senior executives venturing into entrepreneurial activities, backed by their extensive experience and networks in the real estate sector.
