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In a significant move within India's luxury real estate market, ASK Property Fund, backed by ASK Asset & Wealth Management Group and India Sotheby's International Realty, announced the initial close of its newly launched Alternative Investment Fund-ASK Curated Luxury Assets Fund-I. The fund, which aims to channel investments into upscale residential projects in key metropolitan areas, secured INR 500 crore in just three months from a blend of Ultra-High-Net-Worth Individuals and family offices. The fund has plans to raise a total of INR 1,500 crore, including a green shoe option, and is poised to deploy capital immediately.
ASK Property Fund, in collaboration with India Sotheby's International Realty, has recently closed the initial round of funding for its real estate venture, ASK Curated Luxury Assets Fund-I (ASK CLAF I). This Alternative Investment Fund (AIF), which was announced earlier this week, successfully garnered commitments amounting to INR 500 crore. Advertisement
According to the company, this luxury-focused fund attracted investments from several of India's prominent family offices and Ultra-High-Net-Worth Individuals (UHNIs). They noted that the full amount was raised within three months of its market debut, reflecting growing investor confidence in the luxury residential segment.
ASK CLAF I intends to begin capital deployment immediately in accordance with its outlined investment strategy. The fund is targeting a total mobilisation of INR 1,500 crore, inclusive of a green shoe option worth INR 500 crore, by the time of its final closure.
The investment strategy focuses on early-stage, premium residential developments in leading cities, alongside horizontal developments like second homes and holiday retreats. With a clear equity investment model, the fund aims to participate in the profit margins of these projects, with a targeted minimum return of twice the capital invested.
ASK CLAF I is registered under the Securities and Exchange Board of India (SEBI) as a Category II AIF, adhering to the SEBI AIF Regulations. The fund is managed and sponsored by ASK Property Fund, the real estate investment arm of Blackstone-backed ASK Asset & Wealth Management Group. India Sotheby's International Realty serves as both the co-sponsor and real estate advisor for the fund.
With a carefully structured strategy targeting early-stage, high-end developments and promising robust returns, the fund is positioning itself to capitalise on emerging opportunities in premium housing. Its alignment with established names like India Sotheby's International Realty and support from a Blackstone-backed group enhances credibility, suggesting strong institutional backing and strategic vision as it gears up for its final fundraising phase.
Source - PTI
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