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New Fund Aims for ₹2,500 Crore Corpus
ASK Alternates, the alternative investments division of the Blackstone-backed ASK Group, has officially launched its second Private Credit Fund. The new fund is targeting a corpus of ₹2,500 crore, which includes a substantial ₹1,500 crore greenshoe option. This fund builds on the group's expertise in providing credit solutions.
Proven Performance and New Targets
The launch comes after the successful deployment and closure of ASK's first private credit fund. That predecessor fund achieved an approximate 15% gross internal rate of return (IRR), outperforming benchmarks for coupon payouts and deployment timelines. The new fund aims for an even more robust gross IRR, targeting between 14% and 16%.
Strategy Focuses on Senior Secured Lending
The fund plans to pursue 12 to 15 transactions, maintaining stricter exposure limits than its previous fund. Individual asset exposure will be capped at 6-7%, with sector concentration limited to below 10%. The core strategy is to provide senior secured lending to profitable, market-leading Indian businesses. These companies must be supported by strong backers, such as established Indian promoters, global private equity firms, sovereign wealth funds, or global strategic investors.
Defined Exclusions and Strong Commitment
The fund's investment mandate explicitly excludes sectors like real estate, distressed debt, and venture debt. It also avoids asset-light business models. Demonstrating strong conviction in the new fund, ASK Group itself has committed up to ₹100 crore, a significant increase from its prior investment.
Investor Access and Capital Preservation Focus
To boost capital efficiency, the fund includes a 3.5-year reinvestment period. International investors can access the fund via a feeder structure based in GIFT City. Shantanu Sahai, Head of Private Credit at ASK Alternates, highlighted the strategy's emphasis on capital preservation. He stated that loans will be made to businesses with proven cash flows, strong sponsors, and tangible collateral. As of March 2026, the broader ASK Asset & Wealth Management Group oversees more than ₹77,000 crore in assets under management.