These are funds which invest either in debentures / bonds issued by Real Estate Companies or in real estate projects at the inception / initial stage. The prominent funds are managed by Arthveda, ILFS Milestone, Piramal Group and Indiabulls Group. The minimum investment in these funds is around Rs.1 crore and the tenor is generally 5 to 7 years. There are also real estate funds that invest in completed residential and commercial projects and derive their income from rents as well as investments in Debt issued by Real estate Companies. Since real estate funds are closed ended in nature different series are open from time to time.