ASK Hedge Solutions, a subsidiary of Blackstone-backed ASK Asset and Wealth Management Group, has launched the ASK Absolute Return Fund, its first long-short fund and an open-ended Category III Alternative Investment Fund.

Over the next six months, ASK is aiming to raise $361m for the new fund, which will be managed by hedge fund veterans Vaibhav Sanghavi as CEO and Piyush Shah as CIO.

With no fixed tenure, the fund positions itself as a core portfolio holding serving as a Debt-plus alternative in clients' fixed income portfolios. The aim is to deliver superior risk-adjusted returns over any liquid fixed income alternatives invested from a 12–15-month investment horizon perspective, with a focus on low volatility and minimal drawdowns.

In a statement, Sunil Rohokale, Managing Director and CEO at ASK Asset & Wealth Management Group, said: "As a continuation of our foray into the Alternatives space, we are pleased to introduce our Long-Short fund under ASK Hedge Solutions, marking a significant milestone in our commitment to providing innovative investment opportunities and delivering best in-class investment solutions.

"Globally, Long-Short funds constitute about 4-5% of total assets. The category allocation is currently in its nascent stage in India and we are confident in its growth prospects, given the rise of the UHNI segment. We plan to extend this strategy to offshore investors, focusing on Single and Multiple Family Offices, Fund of Funds, Endowment Funds, UHNIs, and other investors globally who are accustomed to hedge fund investments."