The Blackstone-backed ASK Property Fund has launched ASK Debt Fund IV, a ₹3,500-crore debt fund specifically focused on housing projects across India. According to reports from Mint, the fund aims to raise ₹1,500 crore from GIFT City and ₹2,000 crore domestically from both domestic and offshore investors. The fund includes a green-shoe option of ₹1,500 crore and will invest in mid-segment housing projects across India's six key cities including the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune, Bengaluru, Chennai and Hyderabad. The fund is structured to offer both solution capital, including lender replacement and project-completion funding, and growth capital for acquisitions, including the purchase of stalled projects under the National Company Law Tribunal (NCLT) or those with established approvals. As reported by Mint, the fund will look at deal sizes ranging from ₹100 crore to ₹500 crore.
The fund is designed to meet capital needs across selected residential opportunities while targeting investment-level returns of 20 per cent. Amit Bhagat, co-founder, managing director and chief executive officer, emphasized that the fund's track record, validated by third parties such as ratings firm Crisil, will deliver returns through strong underwriting discipline and active asset management. The fund has received Crisil's Fund Management Grading-1 for ASK Debt Fund IV, demonstrating the strength of its underwriting discipline, active asset management and risk management framework. According to Mint, Bhagat noted that demand is high for growth capital, and there is a healthy pipeline of projects for potential investment. The outperformance of earlier debt funds, along with the new fund's grading, demonstrates the strength of their underwriting discipline and active asset management framework.
According to Mint reports, Bhagat noted that while residential real estate sales have softened after the post-pandemic boom, there is still high demand for growth capital. Hardening property prices, layoffs in the IT sector, geopolitical tensions, and other uncertainties dented residential growth momentum in 2025, as per Anarock Property Consultants. Home sales in the top seven cities witnessed a 14% decline in 2025, with 3,95,625 units sold compared to 4,59,645 units in 2024. Despite these challenges, Bhagat explained that the market was likely to slow down due to affordability concerns, but sustainability depends on economic recovery from supply-chain issues and GDP growth. In FY26, ASK Property Fund committed ₹2,100 crore across projects with developers including Mantra Group, Shapoorji Pallonji in Gurugram and Mumbai, Gami Developers in Navi Mumbai, Satya in Gurugram, and KREEVA in South Delhi, while delivering exits worth ₹1,300 crore to investors. Over the past two years, the fund has raised ₹2,500 crore across debt and equity strategies from domestic and offshore investors.
The launch comes amid a surge in private credit demand, with the EY Private Credit Report 2025 showing $12.4 billion across 166 transactions, up 35% year-on-year in value. According to EY, real estate, healthcare and industrial sectors were the largest contributors, with refinancing, acquisition financing and capex funding driving deal flow. A Credit Pulse Survey by EY last December showed that fund managers continue to rank real estate as the most active in terms of deal flow, despite considering it the riskiest, indicating a growing risk appetite for high-yield opportunities. As reported by Mint, Bhagat noted that everyone wants to be in the credit space, as it is asset and cash-flow-backed, and differentiated from competitors based on their grading and track record. Earlier this week, investment firm Arnya Realestates Fund Advisors said it will launch its second debt fund this year to raise ₹1,000 crore.
ASK Property Fund, registered as ASK Property Investment Advisors Pvt. Ltd. (ASK PIA), is the alternative investment arm of the ASK Group and focuses on private equity investments in the self-liquidating residential segment. As reported by Mint, the firm has raised ₹9,500 crore since 2009 and has invested in projects spanning 73 million square feet. The ASK Asset & Wealth Management Group managed assets of over ₹80,000 crore as of April 30, 2026. Before this launch, ASK Property Fund's last three debt funds raised a cumulative ₹3,600 crore and have completed 30 transactions.
