Cerestra Ventures, a real estate-focused private equity firm that started off chasing deals in the education sector and has since expanded its horizon, has promoted two executives to co-lead its education infrastructure platform.

The firm has named Kirti Sharma and Anuraag Jhunjhunwala as co-CEOs of Cappella Educore, it said Wednesday.

Cappella Educore is a platform that undertakes investments in education infrastructure of K-12 schools (kindergarten to grade 12) and student housing assets backed and underwritten by educational institutions.

Cerestra says Cappella has been one of the firms that established K-12 education infrastructure as an asset class in India and institutionalized the sale and lease back model in the segment. It has a portfolio of $120 million in assets under management and deals worth $50 million at advanced stage of closure.

Co-founded by Jasmeet Chhabra and Vishal Goel, Cerestra is looking to take the platform public as first-of-its-kind dedicated infrastructure investment trust (InvIT) – Schoolhouse InvIT – by next year.

Sharma joined Cerestra in 2015 and has helped establish Cappella as an investment vertical. She has over 12 years of industry experience spanning across private equity and consulting domains.

Jhunjhunwala joined Cerestra four years ago as its vice president and played a role in sourcing, analysing and executing opportunities focused on investments in the education infrastructure segment. He has led Cappella’s diversification into student housing assets. He also has 12 years of experience across real estate investment, planning, and management.

Established in 2015, Cerestra Ventures makes real estate PE investments across different industries. Apart from Cappella, it has a similar platform for housing life sciences-related infrastructure assets—called RX Propellant. It also has a platform for outsourced research (GVRP) and a K12 school operations platform called Crimson Education.

In June, Cerestra formed a property-technology platform Winvest along with the family office of the founders of Pune-based Kolte-Patil Developers.