ASK Group announces first closure of its offshore fund1 min read . Updated: 14 Jan 2014, 03:58 PM IST
The group announces the first close of its $50 million of their $200 million offshore realty-focused fund
Mumbai:ASK Group, a financial services group, announced the first close of its $50 million of their $200 million offshore realty-focused fund.
The fund is being managed by ASK Capital, the Singapore-based subsidiary of the ASK Group, and will invest in mid-segment residential realty projects in Mumbai, Pune, Chennai, Bangalore and the national capital region.
“The current fund-raising environment is challenging but the fact that the ASK Group has raised this offshore money in tough times proves that investors are willing to associate with a group having sound and focused investment strategy with a superior track record of performance," said Sunil Rohokale, managing director and chief executive officer at ASK Group. “Our understanding of Indian real estate sector and strategy of partnering with prudent and reputed developers at bankable project level has been appreciated well by our investors."
ASK Group manages real estate assets of ₹ 1,800 crore domestically. The group raised its first domestic fund of ₹ 40 crore in 2009 and has committed 100% of the fund. It has so far committed ₹ 540 crore out of the second fund of ₹ 1,000 crore raised in 2011-2012.
The group has invested Rs. 700 crore till date and made an exit of Rs. 145 crore. from the first fund. “We will be investing over Rs. 500 crore in the next 12 months in Pune, Bangalore and Chennai." added Rohokale.
Having announced its first close, the group is all set to raise the balance $150 million by March 2015. “Large institutions, pension and endowment funds, fund of funds and family offices will be our key priority for the next phase. We will be focusing on markets including Europe, the US, Middle East and Asia" said Rohokale.