ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management group, has announced the launch of its fourth debt fund, ASK Real Estate Special Situations Fund IV (ASK Debt Fund IV), with a target corpus of ₹3,500 crore. The fund has received CRISIL’s Fund Management Grading-1, reflecting strong investment processes and management practices. Backed by 18 years of experience, a proven track record and continued support from repeat investors, the fund aims to raise capital from both domestic and offshore investors.

Led by one of the most stable leadership and senior management teams in the real estate AIF industry, ASK Debt Fund IV will invest in mid-segment housing projects across India’s six key cities—MMR, NCR, Pune, Bengaluru, Chennai and Hyderabad. The fund is structured to offer both solution-capital, including lender replacement and project completion funding, as well as growth capital for acquisitions, including the purchase of stalled projects in NCLT or those with established approvals. The Fund is designed to meet capital needs across selected residential opportunities while targeting investment-level returns of 20%.

The fund’s key differentiators include a strong emphasis on control investments, active asset management and robust risk management. The fund will continue to combine disciplined underwriting with hands-on execution oversight to deliver consistent, risk-adjusted outcomes for investors.

The launch of ASK Debt Fund IV builds on ASK Property Fund’s recent fundraising momentum. Over the past two years, ASK Property Fund has successfully raised ~₹2,500 crore across debt and equity strategies with capital mobilized predominantly from domestic and offshore investors.

In FY2026, ASK Property Fund committed ~INR 2,100 crore across projects with developers including Mantra Group (for asset acquisitions through NCLT, which were previously funded by other real estate private equity players to Acme group and Mont Vert), Shapoorji Pallonji in Gurgaon and Mumbai, Gami Developers in Navi Mumbai, Satya in Gurgaon, and KREEVA in South Delhi.

ASK Property Fund also delivered ~INR 1,300 crore of exits to investors during FY 26. Notable full exits included INR 650 crore from a Noida project, generating an XIRR of 21% and a MoIC of 2.01x; INR 244 crore from Kalpataru’s Borivali project, delivering an XIRR of 18%; and INR 205 crore from D&A Realty’s Bandra project, generating an XIRR of 21%.

ASK Property Fund’s earlier debt funds have outperformed peers, as highlighted in CRISIL’s latest Benchmark Report (September 2025). Debt Fund I outperformed the CRISIL benchmark by about 570 bps, while Debt Fund II exceeded it by 490 bps. Debt Fund I has been fully exited, delivering a gross investment XIRR of 19.4% and a gross investment MoIC of 1.83x. Debt Fund II is expected to be fully exited by March 2027.

Amit Bhagat, Co-founder, MD and CEO, ASK Property Fund, said, “The outperformance of our earlier debt funds against the benchmark, along with CRISIL’s Fund Management Grading-1 for ASK Debt Fund IV, demonstrates the strength of our underwriting discipline, active asset management and risk management framework. With a track record of 40 full exits delivering a simple average IRR of 19 per cent and a MoIC of 1.8x, we are confident of generating strong risk-adjusted returns. Through this fund, we aim to strengthen our partnerships with leading developers, offer tailored capital solutions, and support the growth of India’s residential real estate market.”