ASK Alternates has successfully raised ₹500 crore for its second private credit fund within just five months of its launch. According to a company statement, the fund has a target corpus of ₹1,000 crore, with a greenshoe option of up to ₹2,500 crore, indicating significant progress toward its fundraising goals. The fund is part of the Blackstone-backed ASK Asset and Wealth Management Group and represents the company's continued expansion in the private credit market. As per the latest reports, over ₹500 crore has been called and is slated for deployment into two transactions in the healthcare and entertainment sectors.
The fund has attracted over 100 investors, including Indian family offices and Ultra High Net-worth Individuals (UHNIs). As reported by the company, a significant number of existing investors in ASK's private credit strategy have continued to participate in the new fund. The fund has also received commitments through multiple distribution partners, demonstrating strong market confidence and existing investor loyalty. The fund has attracted commitments from both existing and new investors, with participation also coming through multiple distribution partners in addition to ASK Wealth. The deployment function is led by Ashwin Narang, Managing Partner and Chief Investment Officer, with a stated focus on sector-leading businesses backed by institutional investors and credible promoters.
According to the company statement, around 30 per cent of the fund raised is likely to be deployed across two transactions in the healthcare and entertainment sectors. The fund maintains a pipeline of opportunities spanning manufacturing, renewable energy, consumer and retail, and defence sectors. This diversified approach reflects the fund's strategy to identify growth sectors while maintaining capital preservation as a key priority. The deployment strategy is focused on businesses with institutional backing, established promoters and corporate governance, while maintaining a diversified portfolio and emphasis on downside protection. ASK Alternates will continue co-lending alongside tier 1 global institutions and partner with established shareholders across transactions.
Shantanu Sahai, fund manager and chief executive officer at ASK Alternates, stated that Ask Private Credit will continue to focus on identifying growth sectors and offer a differentiated investment experience to its investors. As reported by the company, the fund continues ASK Alternates' performing private credit strategy, which focuses on senior secured lending to businesses with established cash flows, strong shareholders and tangible collateral. Capital preservation and regular income generation are key objectives of the strategy, with the fundraise reflecting strong investor interest in private credit and participation from both existing and new investors. Sahai attributed the fundraising pace to growing investor appetite for private credit in India. The fundraise comes as ASK Asset & Wealth Management Group manages assets of over ₹77,000 crore as of March 31, 2026.
