ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management group, has launched its largest real estate debt vehicle targeting a corpus of ₹3,500 crore, the company announced on June 10. The fund aims to provide solution capital and growth capital for acquisitions, including the purchase of stalled projects under the National Company Law Tribunal (NCLT) or those with established approvals, according to livemint.com.
The new fund is designed to meet the rising demand for real estate credit funds amid a challenging market environment. Amit Bhagat, co-founder, managing director, and chief executive of ASK Property Fund, highlighted that the vehicle will focus on acquiring projects that require capital infusion to resume development. The fund will also support growth capital needs for ongoing projects, enabling smoother transactions and asset acquisitions.
The launch of this ₹3,500 crore fund underscores the growing interest in real estate credit funds in India, which have seen increased activity due to liquidity constraints in the sector. ASK Property Fund’s approach to targeting stalled projects aligns with broader market trends where investors seek opportunities in distressed assets with potential for value creation. This fund is among the largest in the sector this year, reflecting confidence in the recovery prospects of Indian real estate.
ASK Property Fund’s ₹3,500 crore vehicle represents its largest real estate debt fund to date, as per the company’s announcement on June 10. The fund’s focus on solution capital for stalled and approved projects positions it to play a significant role in addressing funding gaps in the real estate market.