ASK Property Fund exits Chennai residential project with ₹340 crore realization

CHENNAI — ASK Property Fund announced on Tuesday that it has successfully exited its investment in Shriram 122 West, a residential housing project located in Chennai’s Mangadu locality. The real estate private equity arm of the Blackstone-backed ASK Asset & Wealth Management Group realized ₹340 crore from the exit, generating a gross return multiple of approximately 1.6x on its initial investment of ₹215 crore.

The capital was originally deployed into the project in 2023. According to the firm, this transaction represents the second successful realization achieved through the partnership platform established between ASK and Shriram.

Shriram 122 West is a premium residential development spanning roughly 2 million square feet of saleable area. Project stakeholders noted that the development benefited from consistent buyer demand, supported by its proximity to Chennai’s IT corridor, established social infrastructure, and planned metro connectivity within the micro-market.

Commenting on the outcome, Lakshmipathi C., Co-Head of ASK Property Fund, pointed to disciplined location selection and risk underwriting as key drivers of the performance. He stated that the firm plans to maintain its strategy of deploying growth and solution capital into residential real estate projects across India.

Gopalakrishnan J., CEO of Shriram Properties, highlighted the long-standing nature of the collaboration, which dates back to 2012. He noted that the partnership has consistently enabled the developer to secure early-stage growth capital for high-potential residential developments.

ASK Property Investment Advisors Pvt. Ltd., the registered entity for ASK Property Fund, has raised a cumulative ₹10,000 crore since 2009. Its capital base includes contributions from family offices, ultra-high net worth individuals, high net worth individuals, and institutional investors, with a core focus on self-liquidating residential private equity investments.

Overall, the parent entity, ASK Asset & Wealth Management Group, managed assets totaling ₹85,000 crore as of June 30, 2026. Meanwhile, Shriram Properties operates primarily across the mid-market and mid-premium residential segments in Bengaluru, Chennai, Pune, and West Bengal, maintaining a development pipeline of 41 projects aggregating 33.7 million square feet.

"This exit demonstrates the importance of disciplined underwriting and location selection in the residential real estate sector. Achieving a 1.6x gross return in a relatively short holding period highlights how proximity to infrastructure and IT corridors drives reliable liquidity for institutional investors. Partnerships that secure early-stage growth capital for trusted developers remain a viable model for executing self-liquidating housing projects in key urban micro-markets." — Dr. Shishir Gupta, Founder & CEO, StartupLanes