The ASK Property Fund, in collaboration with India Sotheby’s International Realty (ISIR), has successfully raised Rs 500 crore to invest in luxury residential projects across key urban areas.
The ASK Curated Luxury Assets Fund-I (ASK CLAF I), classified as an Alternative Investment Fund (AIF), announced its initial closing on Thursday. This fund, which focuses on luxury residential investments, has attracted significant interest from several prominent family offices and Ultra-High-Net-Worth Individuals (UHNIs), achieving an investment corpus of Rs 500 crore within just three months of its inception, as stated by ASK Property Fund.
The fund intends to commence the deployment of capital in alignment with its investment strategy and aims to ultimately raise a total of Rs 1,500 crore, which includes a green shoe option of Rs 500 crore for its final closing.
The AIF will provide financing for early-stage projects at advantageous entry points, primarily targeting high-end residential developments in major cities, as well as horizontal projects such as second homes and vacation properties. As an equity-focused fund, it seeks to maximize the profit margin of each project, aiming for a minimum return of twice the invested capital.
The ASK Curated Luxury Assets Fund I is 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 division of the Blackstone-backed ASK Asset & Wealth Management Group, serves as the investment manager and sponsor of the AIF, while India Sotheby’s International Realty acts as co-sponsor and real estate advisor.