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.
What Is ASK Real Estate Special Opportunities Fund (I & II)?
ASK Real Estate Special Opportunities Fund I and Fund II are closed real estate private equity funds managed by ASK Property Investment Advisors. They invested in residential projects across India's major cities. Fund I is a 2012-vintage fund focused on distressed and special-opportunity real estate. Fund II closed in February 2016 at ₹1,373 crore (USD 205 million) to invest equity in mid-sized housing projects.
Both funds are fully invested and are not open to new investors. They are the earlier series of the ASK Real Estate Special Opportunities strategy, which continued with ASK Real Estate Special Opportunity Fund IV. Fund IV closed at ₹1,500 crore in May 2023.
This page sets out what the two funds invested in, how they were structured and what has been publicly reported about their exits. It is for investors researching ASK's real estate track record before looking at its current funds.
ASK Real Estate Special Opportunities Fund I & II: Key Facts
| Particular | Fund I | Fund II |
|---|---|---|
| Manager | ASK Property Investment Advisors | ASK Property Investment Advisors |
| Vintage / close | 2012 | Closed February 2016 |
| Fund size | Not publicly disclosed | ₹1,373 crore (USD 205 million) |
| Strategy | Real estate – distressed and special opportunities | Equity in mid-sized residential projects |
| Cities | Mumbai-domiciled; Indian residential markets | Mumbai, Pune, Chennai, Bengaluru, Delhi-NCR, Hyderabad |
| Investors | Family offices, UHNIs | About two-thirds repeat investors |
| Status | Fully invested | Fully invested; closed to new investors |
| Fund manager | Amit Bhagat | Amit Bhagat |
ASK Real Estate Special Opportunities Fund Investment Strategy
The Special Opportunities funds aimed to invest growth capital, mostly as equity, in residential projects run by reputed developers. They targeted the point where a well-located project needs capital to reach financial closure and completion.
The strategy focused on:
- Mid-segment and affordable housing, where end-user demand is broad and less dependent on investor speculation.
- The top six cities: MMR, Delhi-NCR, Bengaluru, Pune, Chennai and Hyderabad, concentrating on job and growth corridors.
- Developer selection: partners with a delivery track record, so that projects could be completed and sold on schedule.
- Early, mid and last-mile funding for approved projects, depending on the project's stage.
When it launched Fund IV in 2021, ASK described the new fund as "a mirror image" of its fully deployed previous fund. That makes Fund IV the closest guide to how the series invests today.
ASK Real Estate Special Opportunities Fund Track Record and Exits
ASK's earlier Special Opportunities funds have reported several full and partial exits. By February 2016, ASK said its two earlier domestic real estate funds were fully committed, with 5 full and 7 partial exits in just over four years.
Two exits reported publicly in February 2017:
| Project | Fund (as reported) | Invested | Exit | Reported outcome |
|---|---|---|---|---|
| ATS Le Grandiose, Sector 150, Noida | ASK Real Estate Special Opportunities Portfolio II | ₹66 Cr (Feb 2014) | ₹121 Cr | About 27% return, 1.85x over ~3 years |
| Shriram Chirping Woods, Sarjapur Road, Bengaluru | ASK Real Estate Special Opportunities Fund | ₹90 Cr (Sep 2012) | ₹151 Cr (partial) | 1.71x on the part exit |
Source: Business Standard, 7 February 2017. These are deal-level outcomes reported by the manager, not fund-level returns. Past performance is not indicative of future performance.
Fund-level IRRs for Fund I and Fund II have not been published. For audited fund-level performance, ask ALTPORT's research team for the latest investor reports.
ASK Real Estate Special Opportunities Fund I vs II vs IV
The Special Opportunities series grew from a distressed-focused first fund into larger funds focused on residential projects.
| Fund I | Fund II | Fund IV | |
|---|---|---|---|
| Vintage / close | 2012 | Feb 2016 | Launched Jul 2021; closed May 2023 |
| Size | Not disclosed | ₹1,373 Cr | ₹1,500 Cr (incl. co-investment) |
| Focus | Distressed / special opportunities | Equity in mid-sized residential | Mid and affordable residential; early, mid and last-mile funding |
| Status | Fully invested | Fully invested | Closed; deploying |
| Page | This page | This page | Fund IV |
Can You Still Invest With ASK Property Fund?
Yes, but not in Fund I or Fund II. Both are closed. ASK Property Fund launched ASK Real Estate Special Situations Fund IV, a debt fund, in June 2026, with a target corpus of ₹3,500 crore. It invests in mid-segment residential projects across MMR, NCR, Pune, Bengaluru, Chennai and Hyderabad, and carries Crisil Fund Management Grading 1. You can also see the earlier ASK Real Estate Special Situations Fund III.
ASK's real estate AIFs are Category II AIFs, with the SEBI minimum investment of ₹1 crore for most investors. ALTPORT also lists the ASK Real Estate Infrastructure Fund and the ASK Real Estate Fund. To compare real estate strategies with other private equity AIFs and private credit AIFs, check availability, terms and suitability with ALTPORT before investing.
Risks of Real Estate Private Equity Funds Like ASK Special Opportunities
- Illiquidity: capital is locked in until projects are sold and the fund exits. There is no early redemption.
- Project execution risk: construction delays, cost overruns or approval issues can push back exits.
- Developer risk: outcomes depend on the developer's financial health and delivery.
- Market and sales risk: housing demand and prices in a micro-market can weaken.
- Concentration risk: a limited number of projects and cities.
- Exit timing risk: returns depend on the timing and value of each exit.
- Regulatory risk: changes to real estate, RERA or AIF rules can affect projects.
Read the private placement memorandum for the full list of risks. To see how a real estate AIF compares with owning property directly, read Real Estate vs AIF.
How Can ALTPORT Help You Explore ASK Real Estate Funds?
ALTPORT is an APMI-registered distributor (APRN00074). It provides information on ASK Property Fund's real estate AIFs and explains their strategy, terms and risks. It helps you compare them with 200+ AIF funds in India and gives you access to fund documents. NRI investors can read our guide to AIFs for NRIs. Speak to the ALTPORT research team to review current options.
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Amit Bhagat
Amit joined ASK in 2008 and co-founded the property fund business. He was appointed as MD & CEO of ASK PIA in 2009 Manages and Advises ~USD 900 Mn (INR 5600 Mn) of Real Estate Investments Previously, he was the National Credit Head for the mortgage division of ICICI Bank and also headed ICICI Property Services Amit is a Chartered Accountant and has 27 years of experience in mortgage finance and financial services He is known for his skills in identifying new growth frontiers, strategic agility and negotiation, leading to win-win partnerships.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
No. ASK Real Estate Special Opportunities Fund I and Fund II are fully invested and closed to new investors. The successor, Fund IV, closed at ₹1,500 crore in May 2023. ASK Property Fund's current offering is ASK Real Estate Special Situations Fund IV, launched in June 2026.
ASK Property Fund is the current brand of ASK Property Investment Advisors, the real estate private equity arm of the ASK Group. It has raised about ₹6,100 crore since 2009 for residential real estate investments in India's top cities.
ASK Real Estate Special Opportunities Fund is managed by ASK Property Investment Advisors, led by Amit Bhagat, co-founder, MD & CEO of ASK Property Fund. He has run ASK's real estate fund business since 2009.
ASK Real Estate Special Opportunities Fund II closed in February 2016 at ₹1,373 crore (USD 205 million). It invested equity in mid-sized residential projects across six major cities.
ASK Real Estate Special Opportunities Fund I, a 2012-vintage fund, focused on distressed and special-opportunity real estate in India and is now fully invested. Its fund size has not been publicly disclosed.
Fund-level IRRs for Fund I and Fund II have not been published. At deal level, ASK reported a Noida exit at about 27% (1.85x) and a Bengaluru partial exit at 1.71x in February 2017. Past performance is not indicative of future performance.
ASK Real Estate Special Opportunities Funds focused on Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, Pune, Chennai and Hyderabad, with mid-segment and affordable residential projects in job and growth corridors.
According to Crisil's May 2026 grading report, Blackstone-managed funds hold 63.64% of ASK Investment Managers, the parent of ASK Property Investment Advisors.
A real estate opportunity fund, like ASK Real Estate Special Opportunities Fund, pools investor capital to invest in property projects at stages where capital is scarce, such as funding to finish construction. It aims to earn returns as projects are sold and exited. These funds are illiquid and carry project and developer risk.
ASK's real estate funds are Category II AIFs, which require a minimum investment of ₹1 crore under SEBI rules for most investors. Check the latest fund's PPM for exact terms.
ASK Real Estate Special Opportunities Funds invested mainly through equity in residential projects. ASK Real Estate Special Situations Funds are debt-led, providing structured credit, lender replacement and completion funding to residential projects.
To invest in ASK Property Fund's current funds through ALTPORT: 1. Speak to the ALTPORT research team to check availability and suitability. 2. Review the PPM. 3. Complete KYC. 4. Sign the contribution agreement for a commitment of ₹1 crore or more.
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