ASK eyes $100m first close for $200m real estate fund
The ASK Group expects a $100 million first close of its first overseas real estate fund in September.
The India-focused fund, called the ASK India Real Estate Special Opportunities Fund, will invest in foreign direct investment (FDI)-compliant residential properties in five cities - Mumbai, Bangalore, the National Capital Region (NCR) around Delhi, Pune and Chennai.
"We have received strong committments from high net worth individuals and family offices from Europe and the Middle East," Raman Iyer, director of asset management at ASK Property Investment Advisors, told AVCJ.
The offshore fund is managed by ASK Investment Managers subsidiary ASK Capital Management, which is registered in Singapore.
Since the realty investment arm, ASK Property Investment Advisors (ASK PIA), was set up in 2009, the group has raised two residential property funds. The first Ask Real Estate Special Opportunities fund raised INR3.26 billion in 2009 and the second closed at INR10 billion in June 2012.
The first fund has made one exit so far - from the ATS One Hamlet project in NCR with returns of 2.45 times on its investment - and a part-exit from the Liviano project in Pune.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.