ASK Property Fund, in partnership with India Sotheby’s International Realty (ISIR), has raised Rs 5 billion within three months of launching its luxury-focused Alternative Investment Fund, ASK Curated Luxury Assets Fund–I (ASK CLAF I). The fund is registered with SEBI as a Category II Alternative Investment Fund.

This equity-focused vehicle will invest in early-stage luxury residential developments across India’s major cities, including second homes and holiday properties. The fund is backed by several of India’s prominent family offices and Ultra-High-Net-Worth Individuals (UHNIs) and aims to deliver at least twice the return on invested capital.

ASK CLAF I plans to deploy capital immediately and targets a total corpus of Rs 15 billion, including a Rs 5 billion green shoe option. The strategy hinges on investing at attractive entry valuations and unlocking profits through structured investments in high-end real estate.

Amit Bhagat, CEO and Managing Director at ASK Property Fund, noted that the partnership with ISIR offers unique access to premium land parcels and high-value projects. “This collaboration allows us to secure exclusive deals for curated opportunities, maximising returns for our investors,” he added.

ASK Property Fund is the real estate arm of the Blackstone-backed ASK Asset and Wealth Management Group, while ISIR serves as co-sponsor and strategic advisor.