<article>Financial services firm <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=ASK+Group" target="_blank" rel="noopener noreferrer">ASK Group</a>&#8216;s real estate private equity arm <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=ASK+Property+Investment+Advisors" target="_blank" rel="noopener noreferrer">ASK Property Investment Advisors</a>, has marked the first close of its seventh domestic fund at Rs 535 crore ($83 million).</article>

Financial services firm <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=ASK+Group" target="_blank" rel="noopener noreferrer">ASK Group</a>&#8216;s real estate private equity arm <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=ASK+Property+Investment+Advisors" target="_blank" rel="noopener noreferrer">ASK Property Investment Advisors</a>, has marked the first close of its seventh domestic fund at Rs 535 crore ($83 million).
ASK Real Estate Special Situations Fund &#8211; I (RESSF-I) is a Rs 1,000 crore fund which was launched a year ago.
“The objective of this fund is to provide flexible and patient capital. Currently developers’ balance sheets as well as individual projects are facing a cash crunch. Our strong research team identifies bankable projects that need this capital. Focus on construction and project completion coupled with declining home loan interest rates will revive residential real estate demand leading to an improvement in cash flows sufficient to generate returns,&#8221; said Amit Bhagat, MD &amp; CEO, ASK Property Investment Advisors.
&#8220;This strategy also complements the Real Estate (Regulation and Development) Act which focuses on completion. Keeping in mind the current requirement of the developer, structured/preferred equity investments is planned to be provided through this fund. The fund will be focusing on investing in mid segment and affordable residential projects and generating sustainable risk adjusted returns,&#8221; Bhagat added.
Sunil Rohokale, managing director and CEO at ASK Group, said, “We have a track record of raising funds through institutions and family offices of which a majority of commitments is from existing investors in this fund. This year, we would like to deploy Rs 1,000 crore with average investments of up to Rs 200 crore.’’
ASK Real Estate Special Situations Fund will continue with its strategy to stay focused on top six cities &#8211; Mumbai, Delhi-NCR, Chennai, Bangalore, Pune and Hyderabad. The investments will be in projects at the construction stage.
ASK Property Investment Advisors raised Rs 326 crore under tough market conditions in the period between March 2009 to December 2009. It raised second domestic fund of Rs 1,000 crore in 2011 and a third domestic fund of Rs 1,400 crore in 2016.
ASK Group has also raised Rs 550 crore for its maiden offshore fund, and structured debt of over Rs 575 crore for developers.
In May, ASK Group <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/73259-73259/" target="_blank" rel="noopener noreferrer">invested</a> Rs 200 crore in a mixed-use project currently being developed by real estate firm ATS Infrastructure in Noida.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/73259-73259/" target="_blank" rel="noopener noreferrer">India: ASK Group to invest $31m in ATS Infra’s realty project</a> 
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-ask-group-exits-three-housing-projects-worth-65m-64486/" target="_blank" rel="noopener noreferrer">India: ASK Group exits three housing projects worth $65m</a>

ASK Group's real estate private equity arm ASK Property Investment Advisors, has marked first close of its seventh domestic fund at Rs 535 crore.

India: ASK Group marks first close of seventh realty fund at $83m

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India: ASK Group marks first close of seventh realty fund at $83m

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