ASK Alternates, the alternative investment arm of Blackstone-backed ASK Asset & Wealth Management Group, has raised over ₹500 crore for its ASK Private Credit Fund – Series B within five months of launch, the company announced on Tuesday.
The fund targets a corpus of ₹1,000 crore with a greenshoe option of up to ₹1,500 crore. More than 100 Indian family offices and ultra-high-net-worth individuals (UHNIs) have participated in the fundraise, including a sizeable number of repeat investors from the firm’s earlier private credit strategy.
Of the capital raised so far, 30 per cent has been called and is slated for deployment into two transactions in the healthcare and entertainment sectors. The fund has identified additional opportunities in manufacturing, renewable energy, consumer and retail, and defence.
The fund’s strategy centres on senior secured lending to businesses with established cash flows and tangible collateral. ASK Alternates said it will continue co-lending alongside tier 1 global institutions and partner with established shareholders across transactions.
Shantanu Sahai, CEO and Fund Manager at ASK Alternates, attributed the fundraising pace to growing investor appetite for private credit in India.
The deployment function is led by Ashwin Narang, Managing Partner and Chief Investment Officer, with a stated focus on sector-leading businesses backed by institutional investors and credible promoters.
ASK Asset & Wealth Management Group manages assets of over ₹77,000 crore as of March 31, 2026.
Published on October 6, 2026
