ASK Property Fund and India Sotheby’s International Realty unveiled a ₹1,000-crore equity fund on Tuesday to invest in luxury residential projects.
In a joint statement, ASK Property Fund and India Sotheby’s International Realty said they have done a “strategic collaboration to launch India’s first luxury real estate investment platform ASK Curated Luxury Assets Fund”.
ASK Property Fund, the real estate private equity division of Blackstone-backed ASK Asset & Wealth Management Group, has launched the ASK Curated Luxury Assets Fund. This fund is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund under the SEBI (Alternative Investment Funds) Regulations, 2012.
The statement said that this fund aims to invest in residential projects in India in the luxury segment.
The fund aims to deliver superior risk-adjusted returns for investors by investing in premium residential projects in major cities, holiday homes, and thriving second-home micro-markets, including religious destinations. It plans to raise third-party capital from institutional and individual investors in compliance with SEBI guidelines. Targeted investors include family offices, high-net-worth individuals, insurance companies, pension funds, banks, financial institutions, sovereign funds, multilateral institutions, and other sophisticated institutional investors.
“We are confident that India’s robust economic fundamentals and the increasing number of wealthy will continue to drive growth in the country’s luxury residential real estate market. We are excited to collaborate with India Sotheby’s International Realty, leveraging its strong brand presence and deep expertise in the luxury real estate segment, to launch India’s first luxury residential opportunity-focused fund,” said Amit Bhagat, co-founder, CEO & Managing Director at ASK Property Fund.
Amit Goyal, Managing Director of India Sotheby’s International Realty, said, “ASK Property Fund comes with an outstanding track record and profound investment insights from managing some of the top-performing real estate funds in the country. We are confident about the unique value proposition of this strategic collaboration.”
ASK Property Fund and India Sotheby’s International Realty will jointly act as co-sponsors, contributing equal capital to the luxury real estate fund. Since its inception in 2009, ASK Property Fund has raised approximately ₹7,200 crore, with its investor base comprising family offices, ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), and institutions.
