ASK Property Fund, the real estate private equity arm of the Blackstone-backed ASK Asset & Wealth Management Group, has invested Rs 125 crore (around $13 million) in a project of Bhumika Group as part of a broader deal.
The residential plotted development project is spread across 20 acres in Faridabad, Haryana, Bhumika said in a press note.
Under the broader deal, ASK Property Fund has inked a Rs 500-crore platform agreement with Bhumika Group to invest in real estate projects in the National Capital Region (NCR).
“With lower entry pricing than more mature NCR markets, Faridabad offers a compelling proposition for buyers. The project is well positioned to capture demand for plotted residential formats that offer flexibility, manageable ticket sizes and potential for medium- to long-term appreciation,” the note said.
ASK Property Fund, registered as ASK Property Investment Advisors Pvt Ltd, makes private equity investments in the residential segment. The firm has raised Rs 10,000 crore since 2009 from investors including family offices, ultra-high-net-worth individuals (UHNIs), high-net-worth Individuals (HNIs) and institutions.
The ASK Group primarily caters to the HNI and UHNI clients. The group’s businesses include portfolio management services, wealth management, real estate investing, and private credit, among others.
The group operates over 20 offices and branches across Asia, the Middle East, Africa, and Europe. It managed assets of Rs 85,000 crore as on June 30.
The Bhumika Group operates across real estate, hospitality, logistics, and e-commerce verticals. The real estate vertical, Bhumika Realty, has a portfolio spanning premium mixed-use developments, luxury residential communities and integrated plotted township projects in NCR.
