Mumbai-based ASK Group has announced the closure of its fourth real estate fund — ASK Real Estate Special Opportunities Fund II — of Rs 13.73 billion ($205 million).
The company is planning to invest the same in next 18-24 months in six major cities—Mumbai, Pune, Chennai, Bengaluru, Delhi-NCR and Hyderabad—in mid-sized residential projects.
“ASK provides growth capital to developer partners as we believe in equity returns,” said Sunil Rohokale, MD&CEO, ASK Group.
“This is our third domestic real estate fund raised in the last seven years and previous two domestic real estate funds are fully committed. We have primarily focused on family offices/ ultra-HNI (high net-worth individuals) investors,” he said.
The ASK Group has so far committed about Rs 20 billion in 19 projects.