ASK launches $100m real estate fund

ASK Investments is reportedly raising INR5bn for the vehicle, with plans to invest mainly in uncompleted residential real estate projects across the country’s top seven cities.

ASK Investment Holdings, the private equity wing of financial services group ASK, has reportedly launched a real estate fund targeting INR 5 billion ($97 million; €76 million).

The fund will primarily invest in the residential sectors of India’s top seven cities, with a focus on 200 real estate developers, according to The Economic Times.

“ASK is keen on investing in projects that are already underway or about halfway. Our exit will be through sale of self-liquidation of assets rather than a public offering,” Sunil Rohokale, executive director of ASK, told the Indian newspaper.

ASK will provide a “liquidity window” to investors. “The portfolio manager, at the end of three years, will be able to provide a liquidity enabling facility where the investor can choose to realise 10 percent of his capital contribution,” Rohokale reportedly said.

The fund is part of ASK’s real estate advisory business and will complement ASK’s existing wealth management business, according to the report.

In September 2008, the group appointed Amit Bhagat as chief executive of its real estate fund and advisory business. Bhagat was formerly head of property services at ICICI Home Finance, a wholly owned subsidiary of the Indian bank.

Founded in 1983, the ASK group offers services including portfolio management and investment advisory services.

ASK could not be reached for comment at press time.