Mumbai, May 14 -- ASK Alternates, part of the Blackstone-backed ASK Asset & Wealth Management Group, has launched its second private credit fund with a target corpus of Rs.2,500 crore, including a Rs.1,500 crore greenshoe option, a top executive at the company said.

The new fund will continue ASK's performing credit strategy, targeting 14-16% gross internal rate of return (IRR) by investing in market-leading businesses backed by reputed Indian promoters, global private equity, and sovereign wealth firms, Shantanu Sahai, head of private credit at ASK Alternates, told Mint.

It is expected to invest in 12-15 transactions spread across infrastructure, healthcare, manufacturing, industrials, renewables, specialty chemicals, auto components a...