New Delhi, Oct. 6 -- ASK Alternates, part of the Blackstone-backed ASK Asset & Wealth Management Group, said Tuesday it has so far collected Rs 500 crore ($51.8 million) for its second private credit fund.
The milestone comes five months after the firm launched the fund in May this year with a base target of Rs 1,000 crore and a greenshoe option of Rs 1,500 crore.
The firm said in a statement that it has called 30% of the amount raised so far and that it expects to deploy the capital in two transactions in the healthcare and entertainment sectors. It is also looking at deals in the manufacturing, renewable energy, consumer and retail, and defence sectors. The fund's deployment team is headed by Ashwin Narang, managing partner and chief investment officer at ASK Alternates.
ASK Alts said that more than 100 investors, including Indian family offices and ultra-high-net-worth individuals, have committed capital to the fund. The new vehicle will provide senior secured loans to businesses with established cash flows, strong shareholders and tangible collateral. It will also partner with pedigreed shareholders and tier-1 global institutions as co-lenders across its transactions, the firm said.
"Raising Rs 500 crore within less than five months of launch reflects the confidence investors have placed in our private credit strategy," said Shantanu Sahai, fund manager and chief executive officer, ASK Alternates.
ASK Alternates hit the final close of its maiden private credit fund in December last year at $63 million (Rs 569 crore), including a greenshoe option of Rs 69 crore. The maiden fund focuses on investing in high-quality businesses with established market positions, strong cash flows and robust governance standards, while partnering with reputed promoters, private equity firms, and sovereign wealth funds.
Published by HT Digital Content Services with permission from VC Circle.