About Company
ASK Investment Managers Limited
ASK Investment Managers Limited is an investment-management company offering Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs) across equity, absolute-return, real estate and other alternative investment strategies. The ASK Group traces its origins to 1983, while ASK Investment Managers Limited was incorporated on 9 August 2004. The company has operated its PMS business since 1994–95 and has built investment capabilities across public and private markets.
Fund Snapshot
| Investment type | Preferred Returns |
| Fund Type | Category II AIF |
| Commitment period | 12 (+6) |
| Management Fee | On capital called during the commitment period |
| Segment focus | Residential, Mixed-Use and Commercial |
| Investment Pipeline | 50% of investments pre-identified |
| Stage of Investment | Post approval |
| Fund Size | INR 1,000 Cr (Greenshoe option: INR 1,500 Cr) |
| Target Return | 21% Gross Investment XIRR^ |
| Tenure | 5.5 (+1+1) Years from final close |
| Commitment Period | 12 months from Final close + extendable by 6 months at the discretion of the Investment Manager |
| Hurdle Rate | 10% XIRR |
| Sponsor Contribution | 2.5% of the funds raised + USD 1.5 Mn (~INR 11 Cr) |
| Team Contribution | 1.0% of the funds raised |
Investment Strategy
- Investments in Top six cities (Mumbai – MMR, NCR, Bengaluru, Chennai, Pune & Hyderabad)
- Focus on job/ growth corridors
- Investments in affordable & mid-segment residential, commercial and mixed-use developments
- Sustainable developments goals
- Investments in preferred returns
- Control investments with a defined risk management framework
- Conservative underwriting approach with a margin of safety
- Investments at distress valuations
- Partnering with established strong regional developers
- Opportunistic allocation of asset segment and capital structure
- Invest in projects being Socio-Economic Value Accretive (SEVA)
Prudent Developer Selection
- Min 20 years of experience
- 5 Mn + sqft. delivered
- Execution capability
- Strong regional developers
- Strong sales franchise
- Superior land aggregation capability
- Sound financial track record
- Stakeholder satisfaction score
- Corporate Governance
- Accessibility – Management style
Risk Management Approach
- Capital structure
- Raising additional finance
- Charge on firm’s assets
- Business plan
- Appointment of project personnel, consultants, contractors, vendors etc.
- Marketing and Sales plan
- Change in cost structure
- Mortgage of land / Saleable area
- Personal Guarantee / Corporate Guarantee
- ~ 2 X security cover
- Change in specifications
Monitoring Mechanism
Conduct Monitoring Committee Meetings every 2 Months
Monitoring Committee comprises the following members:
- Company Promoter
- CEO/COO
- Head of Finance
- Head of Sales
- Head of Construction
- Head of Collections
- Head of Liaison
Participants from the ASK Group
- ASK PIA, CEO
- ASK PIA, CIO / Managing Partner (South)
- ASK PIA, VP/Sr. VP Asset Management
- ASK PIA, Investment Manager
Participants from External agencies
- Appointment of PMC (Project Management Consultant) and QS (Quantity Surveyor) by ASK for monitoring of Time, Cost and Quality
Core Investment Philosophy
- Prudent developer selection
- Top Six Cities (MMR; NCR; Bengaluru; Pune; Chennai & Hyderabad)
- Growth corridor drove by job creation in micro-markets
- Development stage & distressed opportunities
- Conservative underwriting – Margin of safety
- Controlled investments
- Asset management focus and monitoring
- Deep understanding of partner’s core values and operations
- Compounding opportunity
Investment Opportunity
Acquisition at Distress valuation
- Value acquisition from distressed sellers
- Haircut to existing investors/ lenders
- Weaker players surrender project/s to stronger ones
Mismatch of Cashflows
- Replace existing lender
- Fully approved projects
- Mid/Last mile funding
Working Capital Funding
- Low-cost debt from banks/HFCs
- Lease Rental Discounting (LRD)
Covid-19: Crisis and Opportunity
Commercial Real Estate
- Commercial rentals have been under negotiation for part/full wavier during the lockdown and renegotiations thereafter
- Dedensification of offices due to social distancing can accommodate <50% of capacity
- Ongoing deliberations regarding the future of working from home
Residential Real Estate
- A significant slowdown in sales, collections and construction
- Pre-covid levels reached in 2021
- Refinancing continues to be a challenge
Countercyclical opportunity
- End user demand for affordable and mid-segment housing still intact
- Government impetus through stamp duty reduction and low-interest rates
- Further consolidation will be a boost for well-capitalized brands
- Increased deal flow for preferred return opportunities with conservative underwriting and margin of safety
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Sameer Dev
Sameer joined ASK Capital Management in 2016 and has over 30 years of experience in the Global Asset Management industry. Responsible for implementing the international growth strategy for ASK’s product offerings, he serves as a Member of the Board for ASK Capital Management Pte Limited and ASK Real Estate Fund vehicles domiciled in Singapore. Sameer’s previous experience includes leadership roles at Deutsche Asset Management, Principal Global Investors and Franklin Templeton in Singapore and Hong Kong. Sameer has a Bachelor’s Degree in Advanced Accountancy & Economics from Pune University.
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