ASK Property Fund and ISIR Raise ₹500 Crore for Luxury Housing Investments

ASK Property Fund and India Sotheby’s International Realty (ISIR) have announced the successful raising of ₹500 crore for their luxury housing investment fund, ASK Curated Luxury Assets Fund-I (ASK CLAF I). This significant milestone was achieved within three months of the fund’s launch, demonstrating strong interest from prominent Indian family offices and Ultra-High-Net-Worth Individuals (UHNIs).

The fund is specifically designed to invest in early-stage luxury residential projects, targeting premium developments in major cities. It also plans to explore horizontal developments, such as second homes and holiday properties. As an equity-focused vehicle, the fund aims to achieve a minimum return of 2x on invested capital by capturing the project’s profit margin.

ASK CLAF I is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund under the SEBI AIF Regulations. The fund’s success is a testament to the strategic collaboration between ASK Property Fund and ISIR, leveraging ISIR’s extensive network and experience in the luxury real estate market.

Amit Bhagat, Co-founder, CEO, and MD at ASK Property Fund, highlighted the unique proposition of this collaboration: “This fund benefits significantly from ISIR’s capability to monetize projects through its extensive network, experience, and access to premium land parcels. We believe the fund can secure exclusive deals for our select developer partners via curated opportunities and maximize returns through well-structured investments.”

ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset and Wealth Management Group, serves as the investment manager and sponsor of the AIF. ISIR, a leading luxury real estate advisor, acts as the co-sponsor. The fund plans to immediately start deploying the raised funds and aims to raise a total of ₹1,500 crore, including a ₹500 crore green shoe option, towards its final close.

The luxury real estate market in India is expected to see substantial growth, and this fund is well-positioned to capitalize on this trend. By focusing on early-stage developments at attractive entry valuations, ASK CLAF I aims to deliver significant returns to its investors while contributing to the development of high-quality luxury housing projects across the country.