Ontario Teachers' partners Edelwiess Group to invest USD 350 mn in Indian private credit

Canada-based Ontario Teachers' Pension Plan Board and Edelweiss Group's EAAA on Wednesday signed an agreement for an investment of USD 350 million (about Rs 2,600 crore) in performing and distressed private credit investment opportunities in the Indian market.

Edelweiss Alternate Asset Advisors' (EAAA), a part of Edelweiss Group, is a private debt manager with assets under management worth approximately USD 3.8 billion (Rs 30,000 crore).

"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," Edelweiss Group Chairman and CEO Rashesh Shah said in a release.

Ontario Teachers' Senior Managing Director (capital markets) Gillian Brown said, "This partnership will further expand our presence in, and provide additional insights on, the important Indian market".

EAAA is a part Edelweiss Asset Management business that manages customer assets, aggregating approximately Rs 1,00,000 crore across alternatives, mutual funds and distressed assets.

Ontario Teachers' is the administrator of Canada's largest single-profession pension plan with USD 204.7 billion in net assets (as of June 30, 2020).

It holds a diverse global portfolio of assets, approximately 80 per cent of which is managed in-house, and has earned an annual total-fund net return of 9.5 per cent since the plan's founding in 1990.