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 totaling $48 million (Rs 445 crore), the company said in a statement.
These exits were made from investments in residential projects in Borivali, Mumbai, and Gurgaon, NCR. Both investments were made in 2024 and exited in March, 2026.
ASK Property Fund provided growth capital of Rs 190 crore to Kalpataru Group in for the redevelopment project Kalpataru Advay in Borivali, Mumbai. Spread across 6.1 acres with 310 residential units, the fund has exited at Rs 244 crore, realising an IRR of 18% and a multiple of 1.3x.
In Gurgaon, NCR, the fund in invested Rs 98 crore in Trevoc Developer's residential project, Trevoc Royal Residences. Spread across 2.06 acres with 172 units, the fund has 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 internal rate of return (IRR) of 21 per cent 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 It invested Rs 310 crore in the project back in 2021 and has withdrawn a total sum of Rs 650 crore.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 CBD Belapur and Ghansoli. It also backed three residential projects of the real-estate developer Mantra Group.
ASK Group recently received regulatory approval from the Securities and Exchange Board of India (SEBI) to commence mutual fund business in India.
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.
Published by HT Digital Content Services with permission from VC Circle.