Piramal Fund Management (PFM) has invested Rs 2,320 crore across several projects of Lodha Group in Mumbai. PFM is the largest real estate focused fund and funding platforms. Earlier PFM had invested Rs 425 crore in Lodha Venezia, an advanced stage project in Mumbai. The projects being funded are at various stages of construction with established sales and locked-in receivables. The deal has been structured as a fixed return debt investment with periodic coupon payments and has an appropriate security mechanism in place, including hard asset cover as well as an escrow of receivables.