Rashesh Shah, chairman of the Edelweiss Group, said the need for long-term patient capital in India presents a huge opportunity for private debt managers.
Edelweiss Group said on Wednesday it has signed an agreement with Canada’s Ontario Teachers’ Pension Plan Board for an investment of approximately Rs 2,600 crore ($350 million) with Edelweiss Alternate Asset Advisors’ (EAAA). Alternative asset management company PAG, on August 27, had announced acquisition of a 51% stake in Edelweiss Wealth Management for approximately Rs 2,200 crore.
The partnership with Ontario Teachers’ will focus on performing and distressed private credit investment opportunities in the Indian market, according to the company. Edelweiss Alternate Asset Advisors’ has assets under management of approximately Rs 23,400 crore ($3 billion). The company claims to be the largest private debt manager in India. Rashesh Shah, chairman of the Edelweiss Group, said the need for long-term patient capital in India presents a huge opportunity for private debt managers.
“Edelweiss groups’ proven track record and demonstrated ability to originate, underwrite, structure and realise on private credit investments in India has made them our preferred partner of choice,” Gillian Brown, senior managing director – capital markets at Ontario Teachers’, said.
Earlier this week, Edelweiss group firm Edelweiss Financial Services had raised Rs 1,000 crore by issuing bonds to Asia Pragati Strategic Investment Fund.