ASK Group Targets $122 Million in Private Credit Fundraising
ASK Group, a prominent wealth and investment management service provider in India, is embarking on its inaugural private credit fund, aiming to raise approximately 10 billion rupees ($122 million), sources familiar with the matter revealed.
To spearhead the expansion of its presence in this segment, ASK Group has recruited Shantanu Sahai, the former head of debt at Nomura Holdings. Sahai, assuming the role of senior managing partner, brings valuable expertise to the firm. It should be noted that the final amount to be raised has yet to be determined and remains subject to potential adjustments.
Private credit, an increasingly popular asset class worldwide, involves direct lending by investors, including pension funds, to companies. The global stock of loans in this sector has seen remarkable growth, reaching a staggering $1.5 trillion, as reported by financial data provider Preqin Ltd. These loans typically carry floating interest rates, ensuring investors receive higher returns as interest rates rise.
India has witnessed a surge in private credit activity, primarily due to restrictions on bank lending, particularly for financing mergers and acquisitions. This factor has made private credit an enticing opportunity for investors.
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Shantanu Sahai, who served as Nomura’s India head of debt for seven years, tendered his resignation from the Japanese bank in September, as reported by Bloomberg.
When approached for comment, an ASK spokesperson declined to provide any further information.
About ASK Group:
ASK Group, a distinguished financial services firm, holds a prominent position in the industry as a trusted provider of wealth and investment management services. With a focus on serving affluent families in India, ASK Group has established itself as a leading player in the field.
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