Blackstone-backed ASK Property Fund, the real estate private equity arm of ASK Asset & Wealth Management Group, plans to raise over Rs 2,000 crore to deploy in Indian real estate by FY25. This will be the company's third debt fundraising and will commence post-election.
The funds raised will mainly target five markets—Bengaluru, Pune, Mumbai and Delhi-NCR. The company is also considering major investments in other cities and towns. Currently, the company is looking at private equity investments in the self-liquidating mid-income and affordable residential segments, as well as the commercial segment. ASK Property Fund has raised about Rs 6,100 crore since 2009. The investor base involves family offices, ultra-high net-worth individuals (UHNIs), HNIs and other institutions
The company is looking to exit at least one project every two to three months in FY25. In the ongoing financial year, it is looking to exit at least four to six projects in the five cities. However, the majority of exits will be happening in Bengaluru and Pune. To date, the company has invested in over 12 projects in Pune covering a total area of over 16 million square feet.
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