ASK Property Investment Advisors (ASK PIA), the real estate PE arm of ASK Group, said it has launched its new real estate fund, ASK Real Estate Special Opportunities Fund – IV.
The fund is targeting a corpus of Rs 1,000 crore along with an additional Rs1,500 crore via green shoe option.
ASK PIA plans to raise the capital via a mix of offshore and domestic investors.
The fund is in line with ASK's focus on affordable and mid-segment residential and mix land-use projects. The fund will do transactions in Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru, Chennai, Pune and Hyderabad.
The fund will identify projects of reputed developers and ensure financial closure for seamless execution and timely completion.
The fund intends to announce the initial close of the fund at Rs 750 crore by September. It has a pipeline of over Rs 500 crore of investments pre-identified for deployment.
Sales in the real estate sector have been witnessing green-shoots of revival since H2-FY2021. The fund aims to leverage on the shortage of capital and rising demand to deliver superior risk-adjusted return.