ASK Alternates, part of Blackstone-backed ASK Asset & Wealth Management Group, has raised nearly $52 million (Rs 500 crore) for its second private credit fund, reaching half of its Rs 1,000 crore target corpus within five months of the fund’s launch, according to a company statement.
The fund has a greenshoe option to raise up to Rs 1,500 crore.
The fund has attracted more than 100 investors, including Indian family offices and ultra-high-net-worth individuals, and a significant number of existing investors in ASK’s private credit strategy. The fund has also received commitments through multiple distribution partners, in addition to ASK Wealth, the statement said.
Of the over Rs 500 crore raised so far, 30% has been called and is expected to be deployed across two transactions in the healthcare and entertainment sectors. The fund has a pipeline of opportunities spanning manufacturing, renewable energy, consumer and retail, and defence, ASK Alternates said.
“Raising Rs 500 crore within less than five months of launch reflects the confidence investors have placed in our private credit strategy. The participation from over 100 investors, including family offices and UHNIs, along with the contribution from repeat investors indicates the depth of growing interest in private credit business in India. ASK Private Credit will continue to focus on identifying growth sectors and offer a differentiated investment experience to its investors,” said Shantanu Sahai, Fund Manager & Chief Executive Officer at ASK Alternates.
The fund builds on ASK Alternates’ performing private credit strategy, which prioritises capital preservation and regular income generation. It focuses on disciplined credit selection and senior secured lending to businesses with established cash flows, strong shareholders and tangible collateral, the statement said.
The strategy will also continue to partner with established shareholders and tier-1 global institutions as co-lenders, providing greater institutional depth and alignment across transactions, it added.
