ASK Alternates, the alternative investments arm of the Blackstone-backed ASK Asset & Wealth Management Group, on Wednesday launched its second Private Credit Fund with a target corpus of ₹2,500 crore, including a greenshoe option of ₹1,500 crore.
The launch follows the full deployment and closure of ASK’s maiden private credit fund earlier this year, which returned approximately 15 per cent gross internal rate of return (IRR) while exceeding benchmarks on coupon payouts and deployment timelines. The new fund, designated Series B, targets a gross IRR of 14–16 per cent.
The fund will invest across 12 to 15 transactions, with individual exposure capped at 6–7 per cent per asset and sector concentration limited to below 10 per cent — tighter limits than the predecessor fund.
The strategy focuses on senior secured lending to profitable, market-leading businesses backed by established Indian promoters, global private equity firms, sovereign wealth funds, and global strategics. The fund will avoid exposure to real estate, distressed debt, venture debt, and asset-light businesses.
ASK Group has committed up to ₹100 crore to the fund, a significant increase from its earlier commitment, signalling internal confidence in the strategy. The fund also features a reinvestment period of 3.5 years to improve capital efficiency. Offshore investors can participate via a GIFT City-based feeder structure.
Shantanu Sahai, Head of Private Credit at ASK Alternates, said the focus remained on capital preservation, with lending restricted to businesses with proven cash flows, strong sponsors, and tangible collateral.
ASK Asset & Wealth Management Group manages assets of over ₹77,000 crore as of March 2026, with offices across India, Dubai, and Singapore.