Mumbai, Sept. 26 -- Sanjiv Bajaj-led Bajaj Finserv Ltd is entering the alternative investment business and has made a top-level hire to help launch an early-stage equity fund and a real estate-focused alternative investment fund (AIF). This will broaden the group's strategy into other asset classes, as it has a presence in lending, asset management and insurance, among other things.

Bajaj Alternate Investment Management Ltd has recently been formed as a wholly owned subsidiary of Bajaj Finserv. The firm will look to raise anywhere between Rs.1,500 crore and Rs.2,000 crore towards these funds, respectively, a senior company executive said.

The new entity has been incorporated, and the company plans to file for regulatory approvals from t...