Chennai, Jan 9 (IANS): HDFC Capital, a subsidiary of HDFC Ltd and acting as an investment manager, has successfully achieved initial close for Scheme 2 of the HDFC Capital Affordable Real Estate Fund-3 (H-CARE 3).

H-CARE 3 Scheme 2, combined with H-CARE 3 Scheme 1 (raised less than 1 year ago) and HDFC Capital Affordable Real Estate Funds - 1 & 2, raised in 2016 and 2017 respectively, creates a $3.1 billion funding platform which has been rated as one of the world's largest private finance platforms focused on development of affordable housing, the company said.

The primary investor in H-CARE 3 Schemes 1 & 2 is a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

H-CARE 3 will provide long-term, flexible funding across the lifecycle of affordable and mid-income housing projects including early-stage funding.

In addition, it will also invest in technology companies (construction technology, fin-tech, sustainability-tech, etc) engaged in the affordable housing ecosystem.

"With the support of leading global investors like ADIA and partnerships with trusted developers, the HDFC Capital platform is well on its way to achieve its medium-term goal of funding one million affordable homes in India," HDFC Ltd Chairman Deepak Parekh said.