ASK Group appoints Gallagher to lead offshore strategy

Mumbai-based investment manager ASK Group has appointed Evan Gallagher as chief executive officer and executive director of its Singapore operations as the firm maps an aggressive offshore investing strategy.

Gallagher will head ASK Capital Management, the Singapore subsidiary of the firm, and will be responsible for leading ASK Group’s international capital market activities for real estate as well as other businesses including listed equity and private equity.

Previously, Gallagher was chief executive officer of IDFC Capital’s Singapore operations. At IDFC, he was responsible for creating and leading the investor management group for IDFC’s alternatives business, which now manages more than $3 billion.

“We are delighted to have Gallagher on board as chief executive officer of our international business in Singapore.

ASK Group’s vision for the next three years is to raise $1 billion from offshore markets across asset classes and Evan’s prior experience and expertise perfectly suits our ambitions,” said Sunil Rohokale, the group’s managing director and chief executive officer. “ASK Group has emerged as a leader in the listed equity and real estate investments businesses given our performance and strong growth. We are confident that offshore institutional investors will appreciate the India investment opportunity available through a renowned and trustworthy partner like ASK.”

Of the $1 billion offshore capital raising the firm is targeting, PERE understands around 30 percent to 40 percent will be for real estate.

Gallagher will lead the firm’s fundraising efforts for its maiden offshore private equity real estate fund. The fund was initially launched in 2013 with a $200 million target and the firm was able to raise $50 million from investors. However due to challenges in raising capital for an India-focused fund amid what Rohokale called a “resistance for investing in India post the global financial crises” fundraising was put on hold for almost 15 months.

The firm is now believed to have resumed marketing the fund to investors and is now targeting to raise as much as $350 million via the vehicle.

On his appointment, Gallagher said: “I am very pleased to be a part of a financial services group that has established its solid credentials in a challenging market and are now keen to grow internationally. I have been fortunate and greatly appreciative to spend approximately 5 years working with a strong Indian firm previously. In that time I have recognized India is a challenging yet attractive proposition for global investors across various asset classes. I am excited to commence this next chapter of my career with ASK.”