Blackstone-backed ASK Asset and Wealth Management Group has launched ASK Absolute Return Fund, via its subsidiary, ASK Hedge Solutions, with the aim to raise $361M over the next six months.

The open-ended category 3 long-short Alternative Investment Fund (AIF) has no fixed tenure, and positions itself as a core portfolio holding. It aims to deliver risk-adjusted returns over the liquid fixed income alternatives, with a focus on low volatility and minimal drawdowns.

Speaking at a press briefing in Mumbai on 18 March, Vaibhav Sanghavi, CEO, ASK Hedge Solutions said the alternatives space is an attractive opportunity, particularly with recent regulation leveling the playing field with other investments. Category 3 AIFs, though still in its early days, will reach an inflection point as investors become more aware of hedge fund solutions.