ASK CLAF I Raises Rs. 500 Cr in 3 Months

Key highlights

• The ASK Curated Luxury Assets Fund I, formed through a partnership between ASK Property Fund, India Sotheby’s International Realty, and Blackstone’s real estate arm, secured over INR 500 crore within three months of launch.
• The fund targets early-stage investment in luxury residential projects, second homes, and spiritual tourism hubs in major cities, aiming for a capital multiple of 2x or more.
• Leveraging Sotheby’s network and ASK’s investment structure, the fund seeks to unlock high-value land deals and bespoke developments, aiming to raise a total of INR 1,500 crore (with a INR 500 crore greenshoe option).

A luxury fund set up by alliances between ASK Property Fund, India Sotheby’s International Realty (SIR) and the real estate division of Blackstone’s ASK Asset & Wealth Management Group has officially finalized its first round of closings.

Since its opening, the fund dedicated to luxury housing projects has caught the attention of many top family offices and UHNIs and collected a corpus of more than INR 500 crore within 3 months.

Amit Bhagat, Co-Founder, CEO & MD at ASK Property Fund, said, "This collaboration and strategy present a unique proposition. The fund benefits significantly from SIR’s capability to monetize projects through its extensive network, experience, and access to premium land parcels. We believe the fund can secure exclusive deals for our select developer partners via curated opportunities and maximize returns through well-structured investments."

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Its main purpose is to take advantage of the anticipated development in India’s luxury real estate sector. The fund aims to supply funds to developers at the initial stages of high-end residential development in major cities and in basic second and holiday home building projects. Because it is an Equity fund, the fund aims to focus on the project’s success by securing a minimum multiple of 2 or more of the invested capital.

Amit Goyal, MD, India Sotheby’s International Realty, added, "We’re excited to welcome industrialists, eminent professionals, family offices, and discerning HNI investors who recognize the rare ecosystem being shaped through the ASK Curated Luxury Assets Fund - I. This isn’t just real estate—it’s the unlocking of high-potential land parcels, backed by the right capital and elevated by bespoke luxury. With the luxury residential market now entering a more mature phase, and the initial exuberance beginning to stabilize, we’re confident of striking smarter, better-valued deals with landowners and developers alike. This positions us to unlock high-impact opportunities at the right value, maximizing the upside potential for our investors. Over the last eight years, we have successfully executed hundreds of prime land transactions across India. Leveraging this deep market insight and transaction expertise, we are now poised to curate bespoke luxury developments featuring serviced residences in carefully selected micro-markets with strong, sustainable demand."

ASK Curated Luxury Assets Fund I, registered with SEBI as a Category II Alternative Investment Fund, is India’s first partnership project involving ASK Property Fund (Investment Manager and Sponsor), India Sotheby’s International Realty (Co-Sponsor & Real Estate Advisors) and the global leader in luxury real estate. The fund will put its cash to work, following its investment approach and hopes to raise INR 1,500 crs, together with the option of INR 500 crs, during its final stage.