ASK’s Assets Fund Raises Rs 500 Crore to Back Premium Real Estate Projects

ASK Curated Luxury Assets Fund-I (ASK CLAF I), a Category II Alternative Investment Fund (AIF), has raised Rs 500 crore to invest in luxury real estate development projects in India. The fund, jointly formed by ASK Property Fund and India Sotheby’s International Realty (SIR), will raise the total corpus of Rs. 1,500 crore with an overallotment facility of Rs. 500 crore.

ASK CLAF I plan to invest in luxury residential and horizontal projects at the early stage to achieve a minimum 2x return on capital employed. The investor group of the fund consists of industrialists, professionals, high-net-worth individuals (HNIs), and family offices This development follows as the luxury residential market matures into a wiser and better-valued investment opportunity.

Amit Bhagat, Co-Founder and Chief Executive of ASK Property Fund highlighted the strength of the fund in value-unlocking using structured deals and SIR’s wide market outreach. ASK CLAF I is registered under SEBI’s Alternative Investment Fund rules and aims to take advantage of India’s increasing demand for high-end property, particularly in key urban hubs.

The fund will invest in three to four projects every year, with each unit costing Rs. 8 crore or more. It will benefit from ASK’s established fundraising capabilities, having overseen Rs. 8,000 crore of capital commitments, and SIR’s global reach across 83 countries.

This association is expected to provide better returns by leveraging the high-end real estate sector, synergizing ASK’s local market insights with SIR’s international reach. With the evolving luxury real estate, ASK CLAF I is well poised to provide investors with desirable growth and diversification options in a saturated market.