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why not at 20% irr secured

http://www.livemint.com/Companies/bqTKrlLW93QusUJ0Lz2uyH/PE-investments-in-real-estate-touch-28-bn-in-JanuarySepte.html

Mumbai: Private equity funds committed $2.8 billion to Indian real estate projects in the first nine months of 2015, global real estate consultancy firm Cushman & Wakefield and Global Real Estate Institute said in a report released on Wednesday. The funds invested across 61 deals between January and September, against $1.63 billion across 52 deals during the same period last year.

Apart from the increase in deal activity, the average transaction size too increased to $47 million, from $30 million during the same period last year.

The report adds that around two-third of the allocated capital was invested through structured debt and mezzanine debt route. Pure equity or entity-level deals that had dried up by 2012 have started to make a comeback, with 22% of the capital going into these deals.

Interestingly, among this year’s 61 deals, 45 deals totalling $1.2 billion were struck by domestic funds, while foreign capital chased only 16 assets. Even though residential project sales have lagged in Mumbai, nearly 40% of the invested capital this year was deployed in this region, followed by the Delhi-National Capital Region (NCR). Fund managers invested 78% of their capital in these two cities.

“There has also been a return of some bluechip investors wo had withdrawn a few years back, re-entering the Indian real estate market with some direct investments. A number of Chinese investors have also been showing some strong interest in the country,” Dutt added.