New Delhi, Dec. 18 -- ASK Alternates, part of Blackstone-backed ASK Asset & Wealth Management Group, has reached the final close of its maiden private credit fund at $63 million (Rs 569 crore), including a greenshoe option of Rs 69 crore, the company said in a statement.
About three-quarters of the fund has already been deployed, the company said. The fund has also exited two investments early in its lifecycle.
The fund focuses on investing in high-quality businesses with established market positions, strong cash flows and robust governance standards, while partnering with reputed promoters, private equity firms, and sovereign wealth funds.
Its portfolio currently comprises nine investments across sectors that are likely to benefit from structural market trends, demographic shifts, and regulatory tailwinds.
"Our successful closure of the first credit fund reflects the strong trust HNI and UHNI investors place in our ability to identify quality opportunities and manage risk with discipline," said Sunil Rohokale, co-founder, CEO and managing director of ASK Asset & Wealth Management Group. "As ASK continues to diversify across asset classes, we are focused on giving investors a wider range of high-conviction solutions. The response to this fund reinforces confidence in our governance-first approach as we enter the next phase of growth."
Talking about the development, Shantanu Sahai, executive director and head - private credit, ASK Alternates, said, "Our focus has been on partnering with strong promoter groups and global sponsors while avoiding pursuing yield at the expense of governance. Private credit is emerging as an alternative capital source. With a robust strategy and deep market understanding, ASK Private Credit is uniquely positioned to capitalize on this momentum and contribute to the sector's growth in the coming years."
ASK Asset & Wealth Management Group primarily caters to HNI and UHNI clients. Its diversified businesses comprise portfolio management services and alternative investment funds under ASK Investment Managers; real estate private equity through ASK Property Fund; wealth management and multi-family office service under ASK Private Wealth; long/short funds via ASK Hedge Solutions; NBFC operations under ASK Finance; private credit through ASK Alternates; and international operations under ASK Capital.
The group has over 20 offices and branches across India, Dubai, and Singapore and caters to multiple asset classes and investors across Asia, the Middle East, Africa, and Europe.
As of November 30, 2025, ASK Asset & Wealth Management Group managed assets worth over Rs 84,000 crore.
Published by HT Digital Content Services with permission from VC Circle.