JLL CEO Sanjay Dutt Quits To Launch Realty Fund

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Mumbai: Sanjay Dutt has partnered with Nipun Sahni, former real estate PE head for Merrill Lynch India, to launch a development based fund. Sanjay Dutt was the former Business-CEO of Jones Lang LaSalle since 2008.

The duo is looking to raise a 300-500 crore development fund. Dutt is serving his notice period and will move on by next week to join Sahni. Prior to this, Dutt served as Managing Director in another property consultancy Cushman and Wakefield for over seven years.

Sahni quit MerrillLynch in December 2010 to float his own real estate advisory firm RE.Zone Investment Advisors. While Sahni is based out of Gurgaon, Dutt will continue to stay in Mumbai and overlook the operations of the proposed venture.

Recently, several executive professionals left their job to be an entrepreneur and start their own investment fund, including Naresh Naik, managing director, Morgan Stanley Real Estate Investing (MSREI), who resigned to set up his own fund. Early this year, senior executives of South Asian Real Estate Group or SARE Group, an investment and development company, resigned to launch a $50-million real estate fund.

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