Ontario Teachers’ partners with
Edelweiss Group to invest USD 350 million (˜INR 2600 crores) in
Indian
private credit
·
Long term partnership in Edelweiss Alternative Asset Advisors (EAAA),
market leaders in Alternatives
·
Focused on performing and distressed opportunities in the Indian
credit investment space
Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”), Canada’s largest single-profession pension plan, and Edelweiss Group, India’s leading diversified financial services conglomerate, are pleased to announce that Ontario Teachers’ has signed an agreement for an investment of USD 350 million (˜INR 2600 crores) with Edelweiss Alternate Asset Advisors’ (“EAAA”), the largest private debt manager in India with assets under management of approximately USD 3 billion (˜INR 23,400 crores). The agreement represents a long-term partnership between Ontario Teachers’ and Edelweiss Group that will focus on performing and distressed private credit investment opportunities in the Indian market.
Despite the global economic uncertainty
amidst the current pandemic, this commitment from Ontario Teachers’
is a strong endorsement of the Indian alternative asset management space as
well as the robust and unique private debt platform built by EAAA.
Speaking about the
development, Rashesh
Shah, Chairman and CEO, Edelweiss Group said, “This partnership comes at a time when there is a thrust towards
empowering and enabling India to become a global manufacturing hub as vocalised
by the Government’s ‘Atmanirbhar – self reliance’ vision. The need for
long term patient capital in India presents a huge opportunity for private debt
managers. At Edelweiss, we have built deep capabilities in this space and I am
honoured by the trust placed in us by the highly respected Ontario Teachers’
team.”
Confirming the
partnership, Gillian Brown, Senior Managing Director, Capital Markets at Ontario Teachers’ said, “We are pleased to enter into a long-term partnership with
Edelweiss Group, which has a proven track record and demonstrated ability to
originate, underwrite, structure and realize on private credit investments in
India. This partnership will further expand our presence in, and provide
additional insights on, the important
Indian
market.”
Ben Chan, Regional
Managing Director, Asia Pacific at Ontario Teachers’
noted, “We are excited to invest with Edelweiss to bolster our exposure to the
Indian credit market. This is an
important milestone in our ambition to build multi asset class exposure to
India’s long-term growth story. As a
global investor, Ontario Teachers’ hopes to leverage our select list of partners
including Edelweiss for local insights and acumen as we navigate to grow
profitably in this important market.”
Venkat
Ramaswamy, Vice Chairman & Executive Director, Edelweiss Group added,
“We are humbled by the faith that an institution such as Ontario Teachers’ has
placed in our ability to manage credit investments and in our strong
governance, especially at a time when overall global economic sentiment is
subdued. We believe, the opportunity for Alternative Investment funds in India
is large, given the need for credit, and we are confident that this partnership
will enable Ontario Teachers’ to capitalize on the best of private debt
opportunities available in India.
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