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  1. India’s ASK Group aims $1 bn in offshore funds in 3 years

India’s ASK Group aims $1 bn in offshore funds in 3 years

Indian investment manager ASK Group plans to raise about $1 billion including in real estate and private equity funds from offshore markets in the next three years, its chief executive said, as foreign investors bet on the country's growth prospects.

By: | Published: October 14, 2015 9:49 PM

Indian investment manager ASK Group plans to raise about $1 billion including in real estate and private equity funds from offshore markets in the next three years, its chief executive said, as foreign investors bet on the country’s growth prospects.

Institutional investors were “much more positive” compared with the past two years in the allocation of capital to Asia’s third-largest economy, Sunil Rohokale told Reuters in a phone interview on Wednesday.

ASK, which currently manages about $3 billion worth of assets, will raise the fresh money for a real estate fund, a private equity fund and a long-only equities fund in the country, he said.

“International money probably has started looking at India given the limited options in emerging markets and having known issues of China as well,” he said.

ASK, which had aimed to raise a $200 million real estate fund in 2013 but paused after raising $50 million, now wants to increase the fund to as much as $350 million, Rohokale said.

The company plans to add up to $400 million to a $300 million offshore long-only equities funds it already manages, he said. ASK will also launch a new private equity fund of up to $200 million, he said.

ASK on Wednesday also named Evan Gallagher as chief executive of its Singapore unit ASK Capital Management Pvt Ltd. Gallagher will lead its international markets approach, it said.

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