ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of ASK Group has invested 55 crore in the Athashree township project of Pune-based developer Paranjape Schemes (Construction) Ltd.

The 150-acre project at Bhugaon in Pune will include apartments, villas and homes for the elderly. The fund did not disclose the equity stake it has acquired in the project.

“This is the eighth investment from our 1,000 crore real estate fund and our second investment with Paranjape Shemes," Amit Bhagat, chief executive officer and managing director of ASK PIA said in a statement.

“We have partnered with them in our Skyone project and this partnership with ASK group would enable us to execute such large projects with quality and agility," said Shrikant Paranjape, chairman of Paranjape Schemes.

ASK Group currently manages real estate assets of more than 2,100 crore. The group has raised two domestic funds and an offshore fund amounting to over 1,600 crore and has raised structured debt of close to 500 crore.

In July, ASK Group made a 127 crore investment from its new offshore fund called ASK India Real Estate Special Opportunities Fund in a project being developed by ATS group in Noida near Delhi. The offshore fund is managed by ASK Capital Management Pte Ltd, the Singapore-based subsidiary of ASK Group. It is also planning to raise a $200 million offshore fund by March.