ASK Property Fund Launches ₹3,500 Crore Fourth Debt Fund for Mid-Segment Housing Projects
Mumbai, June 11, 2026: ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management group, has announced the launch of its fourth debt fund, ASK Real Estate Special Situations Fund IV (ASK Debt Fund IV), targeting a total corpus of ₹3,500 crore. The fund has secured CRISIL’s Fund Management Grading-1, reflecting robust investment processes and management practices. Backed by an 18-year track record and strong support from repeat institutional and private clients, the fund plans to raise capital from both domestic and offshore investors, ASK Property Fund said in a press release.
Led by a stable leadership team in the real estate Alternative Investment Fund (AIF) industry, ASK Debt Fund IV will target mid-segment residential projects across India’s top six property markets: MMR, NCR, Pune, Bengaluru, Chennai, and Hyderabad. The fund is structured to offer flexible solution-capital, including lender replacement and project completion funding, alongside growth capital for asset acquisitions, such as purchasing stalled projects via NCLT or taking over developments with established approvals. ASK Property Fund is targeting investment-level returns of 20% by focusing on control investments, active asset management, and rigorous risk mitigation.
The launch builds on the firm’s significant fundraising momentum, having successfully raised approximately ₹2,500 crore across debt and equity strategies over the last two years. In FY2026, ASK Property Fund committed around ₹2,100 crore across projects with major developers, including Mantra Group (for asset acquisitions through NCLT previously funded by other private equity players to Acme group and Mont Vert), Shapoorji Pallonji in Gurgaon and Mumbai, Gami Developers in Navi Mumbai, Satya in Gurgaon, and KREEVA in South Delhi.
Concurrently, the fund manager delivered roughly ₹1,300 crore in exits to investors during FY2026. Notable full exits included ₹650 crore from a Noida project, generating an XIRR of 21% and a MoIC of 2.01x; ₹244 crore from Kalpataru’s Borivali project, delivering an XIRR of 18%; and ₹205 crore from D&A Realty’s Bandra project, generating an XIRR of 21%. According to CRISIL’s September 2025 Benchmark Report, ASK’s earlier debt vehicles have consistently outperformed peers, with Debt Fund I and Debt Fund II exceeding the CRISIL benchmark by 570 basis points and 490 basis points, respectively. Debt Fund I has fully exited with a gross investment XIRR of 19.4%, while Debt Fund II is on track for a full exit by March 2027.
Commenting on the launch, Amit Bhagat, Co-founder, MD and CEO, ASK Property Fund, said: “The outperformance of our earlier debt funds against the benchmark, along with CRISIL’s Fund Management Grading-1 for ASK Debt Fund IV, demonstrates the strength of our underwriting discipline, active asset management and risk management framework. With a track record of 40 full exits delivering a simple average IRR of 19 per cent and a MoIC of 1.8x, we are confident of generating strong risk-adjusted returns. Through this fund, we aim to strengthen our partnerships with leading developers, offer tailored capital solutions, and support the growth of India’s residential real estate market.”
