New Delhi, April 10 -- ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group, has exited two real-estate debt investments for Rs 400 crore (nearly $43 million), the company said in a statement.
These exits were made from investments in residential projects in Borivali, Mumbai, and Gurgaon, Haryana. Both investments were made in 2024 and exited in March 2026.
ASK Property Fund provided growth capital of Rs 190 crore to Kalpataru Group for the redevelopment project Kalpataru Advay in Borivali. The project is spread across 6.1 acres and has 310 residential units. The fund has exited with Rs 244 crore, realising an internal rate of return (IRR) of 18% and a multiple of 1.3x.
In Gurgaon, the fund invested Rs 98 crore in Trevoc Developer's residential project, Trevoc Royal Residences. The project is spread across 2.06 acres and has 172 units. The fund clocked an exit value of Rs 141 crore, resulting in an IRR of 21% and an investment multiple of 1.44x.
ASK Property Fund recently also exited its investment in real estate developer Mahagun Group's Noida project, clocking an IRR of 21% and a multiple of 2.1x. It invested Rs 310 crore in the project back in 2021 and has withdrawn a total sum of Rs 650 crore.
The investment firm has backed many projects across the country lately. It invested Rs 210 crore in Gami Group's projects in Navi Mumbai's prominent micro markets of Belapur and Ghansoli. It also backed three residential projects of the real-estate developer Mantra Group.
ASK Property Fund has raised Rs 9,100 crores since 2009 and has invested in projects spanning 70 million sqft mainly in MMR, NCR, Bangalore, Pune and Chennai. Its investors include family offices, ultra high net worth individuals (UHNIs), high net worth individuals (HNIs) and institutions.
*The headline and text of this article have been updated to correct the exit value.
Published by HT Digital Content Services with permission from VC Circle.