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ASK Property Investment Advisors has raised Rs 535 crore for its seventh real estate fund from domestic high networth individuals. The fund has a total corpus of Rs 2,000 crore.
The fund, named ASK Real Estate Special Situations Fund-I, could also tap offshore investors, said Amit Bhagat, managing director (MD) and chief executive officer at ASK Property Investment Managers.
The objective of this fund is to provide flexible and patient capital.
Sunil Rohokale, MD & CEO, ASK Group said, “We have a successful track record of raising funds through institutions and family offices of which majority of commitment is from existing investors in this fund. I am delighted that the trust from our client is further strengthened by ‘CRISIL Fund Management Capability Level – 1′ rating. This year, we would like to deploy Rs. 1,000 crore with average investments of up to Rs. 200 crore. Our strategies are in line with customer needs, market situations, economic conditions and government policies, hence we are certain of a bright future.’’
Currently, developers’ balance sheets as well as individual projects are facing a cash crunch. The fund will focus on investing in mid-segment and affordable residential projects, and generating sustainable risk-adjusted returns,” Bhagat said.
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