ASK New Realty Fund Eyes Rs 1500 Crore Raise
After raising Rs 1500 crore for its real estate fund earlier this year, Blackstone-backed ASK group has launched a new property fund of similar quantum. It plans to raise Rs 1000 crore by March and would like to do a final close within 12 months. They would do 8 to 10 investments and focus on top 5 cities like they did in previous funds. Each investment would have a ticket size of Rs 150 to Rs 200 crore, he said. ASK Property Investment Advisors (ASK PIA), the real estate-focused on fund manager of the group, has raised over Rs 6,100 crore so far and its key investors include family offices, ultra-high net worth individuals (UHNI), high net worth individuals (HNI) and institutions. It has made investments across 35 projects and 19 complete exits in the last 12 years. By March they will deploy 100 % of funds and draw down 90 % of the fund, he said.
ASK Property Fund, managed by ASK PIA, invested Rs 225 crore in a project being developed by Pune’s Kumar Realty from the fund raised in April this year.
Tags : Blackstone ASK group ASK Property Investment Advisors (ASK PIA) investors Kumar Realty