Whalesbook
Project Details
The fund's larger exit was from a ₹190 crore investment in Kalpataru Group's Kalpataru Advay, a significant redevelopment project in Borivali, Mumbai. The project spans 6.1 acres and includes 310 residential units, covering about 0.4 million square feet of saleable area. ASK Property Fund exited this investment for ₹244 crore, generating an 18% IRR and a 1.3x return multiple.
The second exit was from Trevoc Royal Residences in Gurgaon, a project by Trevoc Developers. ASK had invested ₹98 crore in this project, which covers 2.06 acres and features 172 units totaling 0.5 million square feet of saleable area. With sales reaching 65 percent within approximately 18 months of launch, the fund exited the project for ₹141 crore, achieving a 21% IRR and a 1.44x multiple.
Investment Strategy
Bhavin Jain, Chief Investment Officer at ASK Property Fund, attributed these successful outcomes to a rigorous selection process for developers and micro-markets. He emphasized that the exits reflect the fund's strategic focus on providing growth capital for well-established residential segments.
Fund Overview
ASK Property Fund is the real estate investment arm of the Blackstone-backed ASK Asset & Wealth Management Group. Since its establishment in 2009, the fund has raised ₹9,100 crore and invested in projects spanning over 70 million square feet. Its primary investment areas include Mumbai, the National Capital Region (NCR), Bangalore, Pune, and Chennai. The broader ASK group manages over ₹81,000 crore in assets as of February 2026.