Blackstone Buys 74% Stake in ASK Group for $1 Billion

US-based private equity (PE) behemoth Blackstone has acquired a majority stake in the ASK Group, a wealth management company backed by rival PE firm, Advent International.The private equity firm has bought a majority stake of 74 percent in the ASK Group for $1 billion

BY Realty Plus
Published - Friday, 27 Aug, 2021

Blackstone Buys 74% Stake in ASK Group for $1 Billion

US-based private equity (PE) behemoth Blackstone has acquired a majority stake in the ASK Group, a wealth management company backed by rival PE firm, Advent International.The private equity firm has bought a majority stake of 74 percent in the ASK Group for $1 billion. With this deal, Blackstone will gain access to the firm’s existing portfolio in wealth management, assets and property advisory. Blackstone has global assets worth around $50 billion and has invested around $22 billion in India over the last decade. Multiple reports suggest that it has plans to invest aggressively in the country in the coming years.In India, Blackstone has made considerable investments in Aadhar Prestige, Nexus Malls, and also in the Edutech space. Its portfolio includes the IPO-bound Aadhar Housing Finance. ASK Group, with a considerable presence in India, has four key businesses in the country -- ASK Wealth Advisors, ASK Investment Managers Ltd, ASK Property Investment Advisors, and ASK Pravi Capital Advisors. In the domestic market, ASK Group’s peers include IIFL Wealth, Kotak Wealth Management, Edelweiss Group, Motilal Oswal Financial Services, Avendus Group and Julius Baer Group. As of June 30 2021, ASK Group managed assets worth over Rs 71,500 crore.