CDPQ, Piramal form $300 million platform for private credit financing in India

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New Delhi | February 06, 2020 2:05 PM

The platform will offer private credit solutions to companies across various industries in India, including manufacturing, consumer, industrial, healthcare, pharmaceuticals, logistics, among others, it added.

CDPQ, piramal, healthcare, credit solutions, manufacturing, consumer, industrial, healthcare, pharmaceuticals, logistics, credit financingCDPQ has been working with PEL since 2017, having recently invested USD 250 million in PEL’s compulsory convertible debentures, the statement said.

Global institutional investor Caisse de dépôt et placement du Québec (CDPQ) and Piramal Asset Management Pvt Ltd on Thursday announced a platform of USD 300 million (over Rs 2,135 crore) for private credit financing opportunities in India. Piramal Asset Management Pvt Ltd is a wholly owned subsidiary of Piramal Enterprises. “CDPQ is contributing 75 per cent of the investment and Piramal will commit the remaining 25 per cent,” CPDQ and Piramal said in a joint statement.

The platform will offer private credit solutions to companies across various industries in India, including manufacturing, consumer, industrial, healthcare, pharmaceuticals, logistics, among others, it added. The partnership is aligned with both CDPQ’s investment strategy in a country with significant long-term economic growth potential and Piramal’s direct lending strategy to mid-market companies and major corporations, the statement said.

“We are excited to announce the launch of a structured credit platform with our long-term partner and marquee global investor, CDPQ. This partnership is yet another affirmation of the confidence that top-notch institutional global investors have in our track record and future growth trajectory,” Piramal Group Chairman Ajay Piramal said. This platform aims to leverage the significant market opportunity for alternative pools of capital to provide valuable solutions in the private credit space, he added.

Anita M George, executive vice-president and head of strategic partnerships, Growth Markets at CDPQ, said, “This is another opportunity for CDPQ to work with the best partners in a market where we see many possibilities over the long term.” CDPQ has been working with PEL since 2017, having recently invested USD 250 million in PEL’s compulsory convertible debentures, the statement said.

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