Mumbai-based real estate private equity group, ASK Property Investment Advisors, has launched fundraising for a domestic fund aimed at residential investments and is aiming to raise 15 billion rupees ($245.23 million; €191.13 million) for it.
The ASK Real Estate Special Opportunities Fund II, the firm’s fourth real estate vehicle, will be invested in self-liquidating, mid-end residential projects across five major cities in India.
Investors from the previous domestic funds raised by the firm, mainly comprising ultra-high-net-worth investors, have been approached for the new fund.
Amit Bhagat, chief executive officer and managing director of ASK Property Investment Advisors, told PERE that 60 percent of the equity is expected to be raised from these existing investors.
“Eight investors who have invested $8 million to $10 million dollars in previous funds have committed similar amounts to this fund,” he said. The final close is targeted for March next year.
“Our previous real estate funds have generated superior returns during tough times. This has encouraged us to launch a larger fund considering the opportunities in the markets and investors are willing to invest with a group that has a focused investment strategy with impeccable track record,” said Sunil Rohokale, managing director and chief executive officer of ASK Group.
The firm has also announced a $200 million dollar offshore fund, which will be invested in residential projects. For that fund, $50 million in equity has been raised so far from high-net-worth investors and pension funds.
The real estate private equity arm of ASK Group manages real estate assets worth 21 billion rupees. It is currently in the process of exiting from its first real estate fund, which raised 3.2 billion rupees. The firm said that all of the equity raised for that vehicle will have been returned to investors by the end of October.