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Edelweiss Asset Management raises USD 900 mn (INR 6,600 cr) in ESOF III

Posted On: 2020-10-19 00:39:08

Edelweiss Alternative Asset Advisors (EAAA), part of Edelweiss Asset Management (EAM), one of India's leading asset management platforms with an AuM of ~ INR 75,000 cr, today announced the final close of its ~USD 900 mn (~ INR 6,600 cr) alternative investment fund - ESOF III. This fund raise, amidst subdued economic climate, is a strong endorsement of the opportunities in the Indian alternative asset management space, as well as the robust and unique private debt platform of EAM.

The third in the Special Opportunities Series, ESOF III was launched with an investment mandate centered around the performing credit space with a focus on providing structured credit to Indian companies. The ESOF III strategy has generated strong investor interest and has received commitments from marquee global institutional investors, which include recent investments by the Canadian Ontario Teachers' Pension Plan Board, Florida's State Board of Administration, Swedish Pension Fund - AP4 and a European Insurance Investor, among others.

Rashesh Shah, Chairman and CEO, Edelweiss Group said, "The overwhelming response we've received for ESOF III is testament to India's growth potential and investors' strong confidence in the Edelweiss private debt platform. Banks and Mutual Funds have been receding from the structured credit space in line with global trends and the current dislocation has further accentuated the need for long-term flexible capital. This presents a huge opportunity for private debt players and it's reassuring to note that the present market environment has not deterred investors who are keen to participate in India's longterm growth story."

Hemant Daga, CEO, Edelweiss Asset Management said, "We believe, close-ended asset management vehicles are the preferred option for long-term credit investments as they are unlevered, patient capital vehicles. Having built deep expertise in the space, this fund raise is a strong validation of our capabilities to originate, underwrite, structure and realize private credit strategies. The trust placed in our platform and in our rigourous governance standards is truly humbling. We thank our investors who have shown such unwavering confidence in our ability to deliver despite market volatility."

Edelweiss Asset Management pioneered private debt in India with the launch of the USD 230 mn (˜INR 1,000 cr) ESOF I in 2010. With a track record of over a decade, it has built the largest Alternatives platform in the country with an AuM of ~ INR 30,000 cr and one of India's fastest growing Mutual Fund business with an AUM of ~ INR 45,000 cr. The Alternatives platform is focused on providing high quality credit and yield opportunities to global and domestic investors across performing credit (corporate and real estate), distressed credit and infrastructure yield. Earlier this year, it announced the closure of its infrastructure yield fund - EIYP, raising ~USD 450 mn (~ INR 3,300 cr).

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.57 as compared to the previous close of Rs. 56.95. The total number of shares traded during the day was 16404 in over 219 trades.

The stock hit an intraday high of Rs. 57.75 and intraday low of 55.85. The net turnover during the day was Rs. 939069.

Source: Equity Bulls

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