ASK Property Investment Advisors (ASK PIA), the real estate private equity arm of ASK Group, has launched its new real estate fund, ASK Real Estate Special Opportunities Fund – IV, according to Mint.
The fund is targeting INR 1,000 crore ($131.9 million) along with an additional INR 1,500 crore ($tk million) via a greenshoe option. The investor base is expected to be a mixture of offshore and domestic investors.
“This fund’s strategy is a mirror image of our fully deployed previous fund,” said Amit Bhagat, CEO and managing director of ASK PIA. “We will provide early, mid-, and last-mile funding for fully approved projects by customer-centric developers with an established delivery track-record.”
The fund will focus on affordable and mid-segment residential and mix land-use projects. It will identify projects of reputed developers and provide funding to ensure financial closure.
The fund is expected to hold an initial close at INR 750
