Key Takeaways
- • ASK Property Fund realized ₹340 crore from its exit of Shriram 122 West, a Chennai residential project, generating a gross return multiple of 1.6x on an initial ₹215 crore investment deployed in 2023.
- • The exit represents the second successful realization under the ASK-Shriram partnership platform, which has operated since 2012 and focuses on providing early-stage growth capital to high-potential residential projects.
- • Shriram 122 West, a 2 million sq. ft. premium residential development in Chennai's Mangadu locality, benefited from proximity to the IT corridor, established social infrastructure, and upcoming metro connectivity, driving strong buyer demand.
- • ASK Property Fund, the real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group, has raised ₹10,000 crore since 2009 with focus on self-liquidating residential investments across India.
- • ASK Asset & Wealth Management Group manages ₹85,000 crore in total assets as of June 30, 2026, with Shriram Properties operating 41 projects aggregating 33.7 million sq. ft. across Bengaluru, Chennai, Pune, and West Bengal.
Summary
ASK Property Fund successfully exited its investment in Shriram 122 West, a premium residential development located in Chennai's Mangadu locality, realizing ₹340 crore against its initial capital deployment of ₹215 crore. The transaction, completed on Tuesday, yielded a gross return multiple of approximately 1.6x and marks the fund's second successful exit under its partnership platform with Shriram Properties, which has been operational since 2012.
The fund deployed capital into Shriram 122 West in 2023, with the project spanning approximately 2 million square feet of saleable area. The development's performance was underpinned by favorable micro-market dynamics, including proximity to Chennai's IT corridor, established social infrastructure, and planned metro connectivity in the area—factors that generated strong residential buyer demand. Lakshmipathi C., Co-Head of ASK Property Fund, attributed the successful exit to disciplined location selection and risk underwriting, signaling the fund's continued commitment to deploying growth and solution capital into residential projects across India.
ASK Property Fund operates as the real estate private equity arm of ASK Asset & Wealth Management Group, which is backed by Blackstone. The fund's registered entity, ASK Property Investment Advisors Pvt. Ltd., has mobilized ₹10,000 crore in capital since 2009 from family offices, ultra-high net worth individuals, high net worth individuals, and institutional investors. The fund's investment strategy focuses specifically on self-liquidating residential segment opportunities. As of June 30, 2026, the parent ASK Asset & Wealth Management Group manages ₹85,000 crore in total assets across its various platforms.
Shriram Properties, a listed Indian developer, has benefited from the ASK partnership's provision of early-stage growth capital for high-potential projects, according to CEO Gopalakrishnan J. The developer operates primarily in the mid-market and mid-premium residential segments across four key markets: Bengaluru, Chennai, Pune, and West Bengal, with a development pipeline comprising 41 projects aggregating 33.7 million square feet of inventory.
The fund deployed capital into Shriram 122 West in 2023, with the project spanning approximately 2 million square feet of saleable area. The development's performance was underpinned by favorable micro-market dynamics, including proximity to Chennai's IT corridor, established social infrastructure, and planned metro connectivity in the area—factors that generated strong residential buyer demand. Lakshmipathi C., Co-Head of ASK Property Fund, attributed the successful exit to disciplined location selection and risk underwriting, signaling the fund's continued commitment to deploying growth and solution capital into residential projects across India.
ASK Property Fund operates as the real estate private equity arm of ASK Asset & Wealth Management Group, which is backed by Blackstone. The fund's registered entity, ASK Property Investment Advisors Pvt. Ltd., has mobilized ₹10,000 crore in capital since 2009 from family offices, ultra-high net worth individuals, high net worth individuals, and institutional investors. The fund's investment strategy focuses specifically on self-liquidating residential segment opportunities. As of June 30, 2026, the parent ASK Asset & Wealth Management Group manages ₹85,000 crore in total assets across its various platforms.
Shriram Properties, a listed Indian developer, has benefited from the ASK partnership's provision of early-stage growth capital for high-potential projects, according to CEO Gopalakrishnan J. The developer operates primarily in the mid-market and mid-premium residential segments across four key markets: Bengaluru, Chennai, Pune, and West Bengal, with a development pipeline comprising 41 projects aggregating 33.7 million square feet of inventory.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.