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ASK Property Fund has launched its fourth real estate debt fund with a target corpus of INR 3,500 crore, aimed at financing mid-income residential projects across six major Indian property markets. The fund, named ASK Real Estate Special Situations Fund IV, will raise capital from domestic and offshore investors and provide funding for project completion, lender replacement, acquisitions and distressed asset opportunities. Backed by a track record of 40 completed exits and strong returns from previous debt funds, the platform is targeting investment-level returns of 20 per cent. The launch comes as residential developers continue to seek structured capital solutions amid sustained housing demand and ongoing consolidation across key urban markets.
ASK Property Fund, the alternative investment platform of ASK Property Investment Advisors Pvt Ltd, has launched a new real estate debt fund with a target corpus of INR 3,500 crore to finance mid-income residential developments across six major Indian cities.
Announced on Wednesday, the fund, named ASK Real Estate Special Situations Fund IV (ASK Debt Fund IV), will raise capital from both domestic and offshore investors. The vehicle will focus on residential projects in Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune, Bengaluru, Chennai and Hyderabad, where housing demand in the mid-income segment continues to remain active.
The fund has been structured to provide a range of financing solutions to developers. These include lender replacement financing, project completion funding and growth capital for acquisitions. It will also target opportunities involving stalled projects undergoing resolution through insolvency proceedings as well as projects that already possess established approvals.
According to the company, the strategy is designed to address capital requirements across selected residential developments while targeting investment-level returns of 20 per cent.
Amit Bhagat, Co-founder, Managing Director and Chief Executive Officer of ASK Property Fund, said the performance of the firm's earlier debt funds had demonstrated the effectiveness of its underwriting standards, active asset management approach and risk management framework.
He stated that the platform had completed 40 full exits so far, delivering a simple average internal rate of return (IRR) of 19 per cent and a multiple on invested capital (MoIC) of 1.8 times. Based on this track record, the company remains confident of generating attractive risk-adjusted returns for investors through the new fund.
Bhagat further said the fund would help deepen partnerships with leading developers, provide customised capital solutions and support the continued growth of India’s residential real estate sector.
The launch follows a period of active fundraising and deployment by the platform. Over the past two years, ASK Property Fund has raised around INR 2,500 crore across its debt and equity investment strategies, with the majority of the capital sourced from domestic and international investors.
During the financial year 2025-26, the fund manager committed approximately INR 2,100 crore across various real estate projects. It also returned around INR 1,300 crore to investors through exits completed during the fiscal year.
ASK Property Fund operates under ASK Property Investment Advisors Pvt Ltd (ASK PIA), the alternative asset investment arm of the ASK group. Since 2009, ASK PIA has raised approximately INR 9,500 crore and invested in projects covering nearly 73 million sq ft across major residential markets, including MMR, NCR, Bengaluru, Pune and Chennai. The latest fund marks the platform’s continued focus on structured debt investments within India’s residential real estate sector.
Source - PTI
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