In India, a stream of well-intended but unfulfilled plans to get real estate investment off the ground brought about the saying: in the country, REIT stands for Real Estate Investment Tour. Craig S. Phillips, former global head of securitized products at Morgan Stanley, said he has seen enough of the country to persuade him that India's southern region is finally ready to support a meaningful investment of capital.

Phillips formed Ptarmigan this month, an alternative asset management firm that will focus on Indian real estate investments, including private equity investments. Phillips expects the firm to launch its first fund in the third quarter.

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