India's ASK Group revealed plans to put up around US$200 million in its first ever offshore fund. The funds gathered would be invested in residential real estate in the top five urban centers in the South Asian country.
"We feel that if we have to attract substantial capital, we have to do it through the offshore route only. Because long-term money is available only with offshore institutions such as pension funds and insurance," Chief Executive Officer of ASK Property Investment Advisors, Amit Bhagat, said in a media interview. Amit Bhagat also acts as Managing Director of ASK Property Investment Advisors.
ASK Property Investment Advisors, the private equity arm of ASK Group, will act as an advisor for the fund-raising plans. ASK Group plans to bring in a Singapore firm as manager for the maiden issue.
The ASK Group is a conglomerate of companies that offer financial services. They have a presence in real estate funds, portfolio management services, money management, wealth advisory, and private equity.
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