Ask Property Fund (ASK), the real estate private equity arm of ASK Group, announced a Rs 120 crore (approximately $14.5 million) exit from Eldeco Centre, a retail and office building in South Delhi, on Monday.
According to ASK, the exit achieved a 21 per cent internal rate of return (IRR), multiplying investments 2.54 times.
As of the completion of this latest exit, ASK has made a total of Rs 1,000 crore in exits from various funds in 2022. The private equity firm has secured approximately Rs 800 crore in 2022 and plans to raise up to Rs 1,500 crore by March 2023. They have also pledged Rs 500 crore from this fund.
The real estate private equity firm recently exited Gulshan Homz’s Gulshan Dynasty project in Noida for Rs 220 crore, resulting in a 21 per cent IRR. Other notable exits by the ASK fund include Jewel Square and Kumar Prospera in Pune, TVS Green Enclave in Chennai, and Gulshan One 129 in Noida.
Since 2009, the ASK Property Fund has raised approximately Rs 5,000 crore ($800 million), with investors including family offices, ultra-high net worth individuals (UHNI), high net worth individuals (HNI), and institutions.
The fund is part of the ASK Group, which has offices and branches in India, Dubai, and Singapore and manages assets worth over Rs 79,000 crore ($9.55 billion) as of October 31, 2022.
It offers portfolio management services and alternative investment funds, as well as real estate private equity and wealth advisory and multi-family office services, to a wide range of asset classes and investors.
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