ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management Group, has partnered with India Sotheby’s International Realty (ISIR) to launch the ASK Curated Luxury Assets Fund, India’s first luxury-focused real estate investment platform.

This fund, registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternative Investment Fund, will focus on high-end residential projects in Tier 1 cities and premium second-home markets, including holiday and religious destinations. The total fund size is Rs 10 billion (bn), with an additional greenshoe option of Rs 5 bn.

“We believe that India’s growing affluent population will continue to drive demand in the luxury residential real estate market,” said Amit Bhagat, Co-founder and CEO of ASK Property Fund. “This collaboration with India SIR enables us to leverage their brand and expertise to offer a unique investment opportunity.”

Amit Goyal, Managing Director of India SIR, expressed confidence in the collaboration’s potential. “ASK Property Fund brings an exceptional track record and expertise, which will create significant value in the luxury real estate segment.”

The fund will raise capital from institutional investors, including family offices, high-net-worth individuals, banks, and sovereign funds. Both ASK Property Fund and India Sotheby’s International Realty will equally contribute capital to the venture.