ASK Property Fund, the real estate investment arm of global private equity giant Blackstone, has announced the first close of its new investment vehicle at Rs 500 crore. Meanwhile, Axis Asset Management Company closed Axis Structured Credit AIF II at approximately Rs 740 crore.
ASK Property Fund raises capital
ASK Property Fund, the real estate investment arm of global private equity giant Blackstone, has announced the first close of its new investment vehicle at Rs 500 crore ($58 million).
The fund, led by chief executive and managing partner Amit Bhagat, is targeting to raise a total corpus of Rs 1000 crore. ASK Property Fund has an additional greenshoe option of Rs 500 crore.
The firm has so far raised capital from family offices and ultra-high-net-worth individuals.
The fund will be deployed in the development of luxury projects across key cities in India. It has already clocked its first investment last month – a residential project in Gurugram along with Shapoorji Pallonji Real Estate and the property arm of Kanodia Group.
Axis AMC hits final close of second fund
Axis Asset Management Company has hit the final close of Axis Structured Credit AIF II at approximately Rs 740 crore ($86 million), per an announcement.
The fund is understood to have garnered commitments from institutional investors, including insurance companies, corporates (both listed and unlisted), and family offices, besides HNIs and wealth management channels.
Through the fund, the Axis group plans to focus on structured credit opportunities, with deal sizes ranging from Rs 50-65 crore, while ensuring not to pick up over 10% in a single security for each deal.
