The financial services company, ASK Group, closed its first tranche of $50 million amounting to Rs 310cr of its Rs 1,240cr offshore real estate focused fund. The fund, which is being managed by ASK Capital Advisors, the Singapore-based subsidiary of the Group, will invest in mid-segment residential realty projects in five cities — Mumbai, Pune, Chennai, Bangalore and Delhi-NCR, said, said Managing Director and Chief Executive Officer, Sunil Rohokale, adding that large institutions, pension and endowment funds and family offices will be its key priority for the next phase of fund generation and will be focusing on markets including Europe, the US, Middle East and Asia. Elaborating further he said claiming that the Group manages real estate assets of Rs 1,800cr domestically through two funds and debt structures and committed 100 per cent of its first fund worth Rs 340cr and Rs 540cr, of the second fund of Rs 1,000cr. Till date, the group has invested Rs 700cr and made an exit of Rs 145cr from the first fund while fund raising will gain momentum after first close. The player will be investing over Rs 500cr in the next 12 months in Pune, Bangalore and Chennai, he added.
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