New Delhi, Jan. 12 -- ASK Property Fund, the real estate arm of Blackstone-backed ASK Asset & Wealth Management Group, has invested Rs 340 crore ($38 million) across three residential projects of real estate developer Mantra Group, the company said in a statement.
The proceeds from the investment will help the company acquire two projects through the National Company Law Tribunal (NCLT) route and support an additional ongoing residential project. Part of the funds will be used to settle outstanding dues to financial creditors, while the remainder will go toward addressing the projects' working capital requirements.
The projects are located across Mumbai and Pune.
"We remain committed to providing growth capital for land acquisition of residential projects linked to approvals and requiring financial closure of up to Rs 500 crore," said Amit Bhagat, co-founder, chief executive officer and managing director of ASK Property Fund.
Bhavin Jain, chief investment officer at ASK Property Fund, said, "The attractive entry valuations and the margin of safety inherent in these acquisitions, combined with our focus on partnering with reputable brands, are perfectly in line with our fund's investment philosophy."
Of the three projects that are being invested in, two have been stuck for a significant time, leaving many homebuyers in a lurch, said Rohit Gupta, chief executive officer of Mantra Properties. "In the Mumbai project, Mantra's acquisition and ASK Property Fund's investment will impact the lives of 576 families residing on the land parcel and another 350 families who had purchased homes in the erstwhile proposed development," he said.
ASK Property Fund has raised over Rs 8,700 crore since 2009. Its investors include family offices, ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), and institutions.
ASK Asset & Wealth Management Group primarily caters to HNI and UHNI clients. Its businesses include portfolio management services and alternative investment funds (ASK Investment Managers), real estate private equity (ASK Property Fund), wealth management and multi-family office services (ASK Private Wealth), long/short funds (ASK Hedge Solutions), NBFC operations (ASK Finance), private credit (ASK Alternates), and its international business arm, ASK Capital.
Recently, ASK Alternates hit the final close of its maiden private credit fund at $63 million (Rs 569 crore), including a green-shoe option of Rs 69 crore, the company said.
The group has over 20 offices across India, Dubai and Singapore, and caters to multiple asset classes and investors across Asia, the Middle East, Africa, and Europe. It managed assets worth over Rs 84,000 crore as of November 30, 2025.
Published by HT Digital Content Services with permission from VC Circle.