ASK Group to raise $1 billion offshore capital over three years

ASK Group will invest $300-350 mn of the funds in real estate projects, $400 million or so in listed equities

Financial services firm ASK Group, with around $3 billion of funds under management and advisory, plans to raise about $1 billion from offshore investors in the US, Europe and Asia over the next three years, said a senior company executive on Wednesday.

Of this, about $300-350 million of capital will be raised to invest in real estate projects, another $400 million or so in listed equities and the remaining in non-real estate sectors.

ASK Group has appointed Evan Gallagher as chief executive and executive director of ASK Capital Management Pvt. Ltd, a Singapore-based subsidiary of ASK Group.

Gallagher, who was former chief executive of IDFC Capital (Singapore) Pte Ltd, will now lead the international capital-raising activity for ASK Group’s listed equity, real estate investments and private equity businesses.

ASK Group had started raising a $200 million offshore fund in 2013 and announced the first close or raising the first $50 million in January, 2014. However, subsequently it stalled fund-raising plans due to weak investor sentiment.

“We have now significantly redrawn our offshore fund-raising plan, in which we plan to raise $300-350 million of capital for real estate alone. We feel the Indian economy is doing well and investors are again looking at investment opportunities here," said Sunil Rohokale, managing director and chief executive, ASK Group.

“ASK Group’s vision for the next three years is to raise $1 billion from offshore markets across asset classes and Evan’s prior experience and expertise perfectly suits our ambitions," Rohokale said.

“ASK Group provides the right platform to invest in India. Their results thus far in the 30 plus years of operations have been stellar; they are knowledge leaders with impeccable execution on the investment front," Gallagher said in a statement.