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Ontario Teachers' partners with Edelweiss Group to invest USD 350 million in Indian private credit

Posted On: 2020-09-02 09:01:32 (Time Zone: Arizona, USA)


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 3.8 billion (INR 30,000 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 honored 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.

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.77.85 as compared to the previous close of Rs. 77.95. The total number of shares traded during the day was 94448 in over 1168 trades.

The stock hit an intraday high of Rs. 80.05 and intraday low of 74.1. The net turnover during the day was Rs. 7206246.


Source: Equity Bulls

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