ASK Alternates, part of the Blackstone-backed ASK Asset & Wealth Management Group, has officially launched its second Private Credit Fund, targeting a corpus of ₹2,500 crore, which includes a greenshoe option of ₹1,500 crore.
This launch follows the successful deployment and closure of ASK’s inaugural private credit fund, completed earlier this year. That fund yielded approximately a 15 percent gross internal rate of return (IRR) and surpassed benchmarks for coupon payouts and deployment timelines. The new fund, labeled Series B, aims for a gross IRR of 14–16 percent.
The Series B fund plans to invest in 12 to 15 transactions, capping individual exposure at 6–7 percent per asset. It will also limit sector concentration to below 10 percent, establishing stricter guidelines compared to its predecessor.
The fund’s strategy centers on senior secured lending to established, profitable businesses supported by well-known Indian promoters, global private equity firms, sovereign wealth funds, and international strategics. Sectors such as real estate, distressed debt, venture debt, and asset-light businesses are excluded from the investment strategy.
ASK Group has pledged up to ₹100 crore to the new fund, significantly increasing its prior commitment, indicating strong internal confidence in the investment strategy. Additionally, the fund includes a reinvestment period of 3.5 years, aimed at enhancing capital efficiency. Offshore investors can participate through a feeder structure based in GIFT City.
Shantanu Sahai, Head of Private Credit at ASK Alternates, emphasized that the focus would remain on capital preservation, with lending directed towards businesses that exhibit proven cash flows, robust sponsors, and tangible collateral.
As of March 2026, ASK Asset & Wealth Management Group oversees assets exceeding ₹77,000 crore, with operational offices in India, Dubai, and Singapore.
Published on May 15, 2026.
