Blackstone-backed ASK Alternates raises $51.8M for second private credit fund
What's the deal? ASK AlternatesDealroom has a profile for this one. Try Dealroom →, part of the Blackstone-backed ASK Asset & Wealth Management GroupDealroom has a profile for this one. Try Dealroom →, has raised more than US$67.9M for its second private credit fund. The ASK Private Credit Fund – Series B targets a corpus of US$135.8M, with a greenshoe option taking it up to US$339.5M.
Who's backing it? More than 100 Indian family offices and ultra-high-net-worth individuals committed capital, drawn from both existing and new investors. The money came through ASK WealthDealroom has a profile for this one. Try Dealroom → and multiple distribution partners.
Why now? The firm hit the milestone within five months of launching the fund. Chief executive officer and fund manager Shantanu Sahai said the fundraise reflected rising investor interest in private credit.
What's the endgame? ASK follows a performing private credit strategy — senior secured lending to businesses with steady cash flows, strong shareholders, and tangible collateral. It prioritises capital preservation and regular income.
Roughly 30% of the capital raised has been called and is set for two deals in healthcare and entertainment. The firm also has a pipeline across manufacturing, renewable energy, consumer and retail, and defence.
What could go wrong? Private credit carries borrower default risk. ASK says it leans on diversification, downside protection, and co-lending with Tier-1 global institutions to limit exposure, targeting businesses with institutional backing and established promoters.
The signal: India's private credit market is drawing fast commitments from domestic wealth. The ASK group now manages more than US$10.5B in assets as of March 31, 2026, underscoring appetite for yield-focused alternatives beyond public markets.
Read more: cnbctv18.com
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