ASK Property Fund Launches INR 3,500 Crore Debt Fund for Mid-Income Housing Projects

ASK Property Fund, the alternative investment platform of ASK Property Investment Advisors Pvt Ltd, has launched a new real estate debt fund with a target corpus of INR 3,500 crore. This fund, named ASK Real Estate Special Situations Fund IV (ASK Debt Fund IV), is designed to finance mid-income residential developments across six major Indian cities: Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune, Bengaluru, Chennai, and Hyderabad. These cities have shown a consistent demand for mid-income housing, making them ideal locations for the fund's investments.

The fund will raise capital from both domestic and offshore investors and is structured to provide a range of financing solutions to developers. These solutions include lender replacement financing, project completion funding, and growth capital for acquisitions. Additionally, the fund will target opportunities involving stalled projects undergoing resolution through insolvency proceedings and projects that already have established approvals.

According to the company, the fund's strategy is designed to address capital requirements across selected residential developments while targeting investment-level returns of 20%. Amit Bhagat, Co-founder, Managing Director, and Chief Executive Officer of ASK Property Fund, highlighted the performance of the firm's earlier debt funds, which demonstrated the effectiveness of their underwriting standards, active asset management approach, and risk management framework. Bhagat stated that the platform has completed 40 full exits so far, delivering a simple average internal rate of return (IRR) of 19% and a multiple on invested capital (MoIC) of 1.8 times.

Based on this track record, the company remains confident of generating attractive risk-adjusted returns for investors through the new fund. Bhagat also noted that the fund will help deepen partnerships with leading developers, provide customized capital solutions, and support the continued growth of India’s residential real estate sector.

The launch of ASK Debt Fund IV follows a period of active fundraising and deployment by the platform. Over the past two years, ASK Property Fund has raised around INR 2,500 crore across its debt and equity investment strategies, with the majority of the capital sourced from domestic and international investors. During the financial year 2025-26, the fund manager committed approximately INR 2,100 crore across various real estate projects and returned around INR 1,300 crore to investors through completed exits.

ASK Property Fund operates under ASK Property Investment Advisors Pvt Ltd (ASK PIA), the alternative asset investment arm of the ASK group. Since 2009, ASK PIA has raised approximately INR 9,500 crore and invested in projects covering nearly 73 million sq ft across major residential markets, including MMR, NCR, Bengaluru, Pune, and Chennai. The latest fund marks the platform’s continued focus on structured debt investments within India’s residential real estate sector.