ASK Property Fund has exited its investment in Shriram 122 West, a residential project in Chennai's Mangadu locality, realising ₹340 crore against an initial investment of ₹215 crore — a gross return multiple of approximately 1.6x, according to The Hindu Business Line. The fund, which is the real estate private equity arm of the Blackstone-backed ASK Asset & Wealth Management Group, had deployed the capital into the project in 2023.
Deal at a glance
The exit marks the second successful realization under the ASK-Shriram partnership platform, the report said. The transaction compares the fund's original outlay with its total realisation:
| Metric | Value |
|---|---|
| Initial investment | ₹215 crore |
| Exit realisation | ₹340 crore |
| Gross return multiple | Approximately 1.6x |
| Investment year | 2023 |
| Project location | Mangadu, Chennai |
Project and demand drivers
Shriram 122 West is a premium residential development by Shriram Properties spanning approximately 2 million sq. ft. of saleable area, according to the report. The project benefited from strong buyer demand driven by proximity to Chennai's IT corridor, established social infrastructure, and upcoming metro connectivity in the micro-market, The Hindu Business Line reported.
Executives on the exit
Lakshmipathi C., Co-Head of ASK Property Fund, attributed the outcome to location selection and risk underwriting, and added that the fund intends to continue deploying growth and solution capital into residential projects across India, according to the report.
Gopalakrishnan J., CEO of Shriram Properties, noted that the ASK partnership, which dates to 2012, has provided the developer access to early-stage growth capital for high-potential projects, the source said.
Fund track record and sponsor
ASK Property Fund's registered entity, ASK Property Investment Advisors Pvt. Ltd., has raised ₹10,000 crore since 2009, with investors comprising family offices, ultra-high net worth individuals, high net worth individuals and institutions, according to the report. Its focus is on private equity investments in the self-liquidating residential segment.
ASK Asset & Wealth Management Group manages assets totalling ₹85,000 crore as of June 30, 2026, The Hindu Business Line reported.
Shriram Properties' portfolio
Shriram Properties, listed on Indian exchanges, operates primarily in the mid-market and mid-premium residential segments across Bengaluru, Chennai, Pune, and West Bengal, with a development pipeline of 41 projects aggregating 33.7 million sq. ft., the report said.
For treasury executives and investors tracking capital flows into emerging-market real estate, the exit demonstrates how dedicated private equity vehicles are recycling capital in India's residential segment — the fund has already indicated it will continue deploying growth and solution capital into residential projects nationwide, according to the source.
Sources:
