ASK Property Fund Exits Mumbai and Gurugram Residential Projects with ₹400 Crore Realization and up to 21% IRR
Mumbai, April 9, 2026: ASK Property Fund, the real estate private equity arm of the Blackstone-backed ASK Asset & Wealth Management Group, has announced the successful exit of two real estate debt investments totaling ₹400 crore. The strategic exits from residential projects in Mumbai and Gurugram have delivered high returns, reinforcing the fund’s focus on high-growth capital opportunities within India’s top-tier property markets, the company said in a press release.
In Mumbai’s Borivali suburb, the fund provided ₹190 crore in growth capital to the Kalpataru Group for the redevelopment project, Kalpataru Advay. The development, which spans 6.1 acres and includes 310 residential units, saw significant sales momentum shortly after its launch. This performance allowed ASK Property Fund to exit the investment at ₹244 crore, achieving an 18% Internal Rate of Return (IRR) and a 1.3x investment multiple.
The fund saw even higher returns in the National Capital Region (NCR), where it had invested ₹98 crore in Trevoc Developer’s “Trevoc Royal Residences” in Gurugram. The project, comprising 172 units across two acres, reached a 65% sales milestone within just 18 months of its debut. Consequently, ASK Property Fund secured a full exit at ₹141 crore, yielding a 21% IRR and an investment multiple of 1.44x.
Bhavin Jain, CIO of ASK Property Fund, noted that these results validate the firm’s selection process and partnership strategy. “The successful exits from our Borivali and Gurgaon projects underscore ASK Property Fund’s commitment to identifying strategic growth opportunities with reputed developers in established micro markets of top cities and delivering consistently strong returns for our stakeholders,” Jain said.
Since its inception in 2009, ASK Property Fund has raised approximately ₹9,100 crore and invested in projects covering 70 million square feet across major hubs including the Mumbai Metropolitan Region (MMR), NCR, Bengaluru, Pune, and Chennai. The fund, which caters to family offices, ultra-high-net-worth individuals, and institutional investors, remains primarily focused on private equity investments within the self-liquidating residential segment.
