New Delhi, Aug. 18 -- ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset & Wealth Management Group, has exited its investment in Shriram 122 West, a premium residential development by Mumbai-listed Shriram Properties Ltd in Chennai, the companies said in a statement.
The fund realized Rs 340 crore ($35.5 million) on an investment of Rs 215 crore, delivering a 1.6x gross multiple, as per the statement. ASK had provided growth capital to the project in 2023.
Located in Mangadu, Chennai, the development comprises approximately 2 million sqft of saleable area.
ASK said the exit underscores its ability "to identify compelling investment opportunities, underwrite risk prudently, and create value through active asset management".
"The residential real estate sector continues to present compelling opportunities, provided investments are backed by prudent risk management and disciplined capital allocation. Our track record across market cycles demonstrates the resilience of our investment approach," said Lakshmipathi C., co-head, ASK Property Fund.
ASK Property Fund says it focuses on making private equity investments in the self-liquidating residential segment. The firm has raised Rs 10,000 crore since 2009 from investors including family offices, ultra-high-net-worth individuals, high-net-worth individuals, and institutions.
Earlier this year, the fund house exited two real-estate debt investments for Rs 400 crore (nearly $43 million) in Borivali, Mumbai, and Gurugram, Haryana. Both investments were made in 2024 and exited in March 2026.
On the investment side, it invested Rs 125 crore (around $13 million) in a project of Bhumika Group as part of a broader deal that encompasses a platform with the developer for projects in the national capital region.
Published by HT Digital Content Services with permission from VC Circle.