ASK Property Fund, ISIR-backed real estate AIF raises ₹500 crore for Investment in luxury housing projects
ASK Property Fund and India Sotheby’s International Realty (ISIR) backed real estate fund has raised ₹500 crore to invest in luxury housing projects across major cities within three months of the launch of its Alternative Investment Fund platform, ASK Curated Luxury Assets Fund- I (ASK CLAF I), the company has said.
“This fund, aimed at investing in luxury residential projects, has evoked interest from many of India’s prominent family offices, Ultra-High-Net-Worth Individuals (UHNIs), securing an investment corpus of ₹500 crore within 3 months of its launch,” ASK Property Fund said in a statement.
The fund is primarily focused on capitalising on the expected growth of India’s luxury real estate market. It plans to invest in early-stage developments at attractive entry valuations, with a focus on premium residential projects in major cities, as well as horizontal developments like second homes and holiday properties. As an equity-focused vehicle, the fund aims to capture the project’s profit margin and is targeting a minimum return of 2x or more on invested capital, Ask Property Fund said.
This fund plans to immediately start deploying funds as per its investment strategy and aims to raise a total of ₹1,500 crore, including a ₹500 crore green shoe option, towards its final close.
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ASK Curated Luxury Assets Fund I is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund under the SEBI AIF Regulations.
“This collaboration and strategy present a unique proposition. The fund benefits significantly from SIR’s capability to monetize projects through its extensive network, experience, and access to premium land parcels. We believe the fund can secure exclusive deals for our select developer partners via curated opportunities and maximize returns through well-structured investments,” Amit Bhagat, co-founder, CEO and MD at ASK Property Fund, said.
ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset and Wealth Management Group, is the investment manager and sponsor of the AIF, while India Sotheby’s International Realty is co-sponsor and real estate advisor.
