Private Equity

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ASK Alternates launches Rs.2,500-Cr private credit fund

Mint   ASK Alternates  

Mumbai-based ASK Alternates , part of the Blackstone-backed ASK Asset & Wealth Management Group, has launched a second private credit fund targeting INR 2,500 Cr. The fundraising target includes a greenshoe option of INR 1,500 Cr.The firm focuses on a performing credit strategy, aiming for a 14-16% gross internal rate of return by targeting market-leading businesses. The company plans to invest in 12 to 15 transactions across sectors including infrastructure, healthcare, manufacturing, renewables, specialty chemicals, auto components, and financial services. The firm intends to prioritize senior secured lending with tangible collateral while avoiding exposure to real estate, distressed debt, and venture debt.The new fund will utilize a feeder structure through Gujarat International Finance Tec-City (GIFT City) to facilitate participation from offshore investors. ASK Group has increased its own financial commitment to this vehicle to INR 100 Cr.