ASK Property Fund Raises Rs 500 Cr for Luxury Housing

New Delhi, May 22 (PTI) ASK Property Fund and India Sotheby's International Realty (ISIR) backed real estate fund has raised Rs 500 crore to invest in luxury housing projects across major cities.

ASK Curated Luxury Assets Fund- I (ASK CLAF I), an Alternative Investment Fund (AIF), on Thursday announced its initial close.

"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 Rs 500 crore within 3 months of its launch," ASK Property Fund said in a statement.

This fund plans to immediately start deploying funds as per its investment strategy and aims to raise a total of Rs 1,500 crore, including a green shoe option of Rs 500 crore, towards its final close.


The AIF will provide funding in early-stage projects at favourable entry points, mainly in high-end residential projects in major cities, as well as horizontal projects such as second homes and holiday homes.

As an equity-focused fund, it aims to target the profit margin of the project, striving to achieve a minimum multiple of 2 times or more of invested capital.

ASK Curated Luxury Assets Fund I, registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund under the SEBI AIF Regulations.

ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset & 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.