Private equity firm ASK Group today said it has raised Rs 535 crore for the seventh domestic fund ASK Real Estate Special Situations Fund-I (RESSF-I).
"ASK Property Investment Advisors, the real estate private equity arm of ASK Group, announced initial close of its Rs 1,000 crore (with a greenshoe option of Rs 1,000 crore) seventh domestic fund and has raised Rs 535 crore for this fund as on date," the company said in a statement.
"The objective of this fund is to provide flexible and patient capital. Currently developers' balance sheets as well as individual projects are facing cash crunch. Our strong research team identifies bankable projects that need this capital," said ASK Property Investment Advisors Managing Director and CEO Amit Bhagat.
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He also said the focus on construction and project completion coupled with declining home loan interest rates will revive residential real estate demand leading to an improvement in cash flows sufficient to generate returns.
"Keeping in mind the current requirement of the developer, structured/preferred equity investments is planned to be provided through this fund. The fund will be focusing on investing in mid segment and affordable residential projects and generating sustainable risk adjusted returns," Bhagat added.
ASK Group Managing Director and CEO Sunil Rohokale said, this year the company would like to deploy Rs 1,000 crore with average investments of up to Rs 200 crore.
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