Through the investment, Ontario Teachers’ plans to seize the opportunity in private credit in the Indian market
Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a Canadian pension plan, has partnered with Indian financial services giant Edelweiss Group to invest $350m in one of its funds.
The investment will be made in Edelweiss Alternate Asset Advisors’ (EAAA).
Considered to be one of the largest private debt manager in India, EAAA claims to have nearly $3bn in assets under management.
As per Ontario Teachers’, in spite of the glooming uncertainty of the global economy, its commitment to invest in Edelweiss’ fund, exemplifies its confidence in the Indian alternative asset management space along with the robust and unique debt platform built by EAAA.
Edelweiss Group chairman and CEO Rashesh Shah 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.”
Ontario Teachers’ investment in Edelweiss is part of a long-term partnership
The agreement between Ontario Teachers’ and Edelweiss is a long-term partnership which will focus on performing and distressed private credit investment opportunities in the Indian market.
Ontario Teachers’ Pension Plan Board capital markets senior managing director Gillian Brown 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.”
In July, Ontario Teachers’ led an investment round in ComplyAdvantage, a fintech company in financial crime detection.
The investment had brought the total investment in ComplyAdvantage to $88m. The fintech said that the investment will be used for rapid product and market expansion across the US, Europe and Asia-Pacific region.