Ontario Teachers to invest $350 mn in Edelweiss Alternative

Mumbai: Ontario Teachers Pension Plan Board (Ontario Teachers), Canada’s largest single-profession pension plan, has agreed to invest $ 350 million (Rs 2,600 crore) in Edelweiss Alternate Asset Advisors (EAAA), the Mumbai based leading private debt manager.

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, said a company statement.

Last week, Asia focused private equity firm PAG had acquired a 51% stake in Edelweiss Group’s wealth management business for Rs2,244 crore.

“The need for long term patient capital in India presents a huge opportunity for private debt managers,” said Rashesh Shah, Chairman and CEO, Edelweiss Group.

EAAA is a part of the Edelweiss Asset Management business which manages customer assets aggregating Rs. 1 lakh crore across Alternatives, Mutual Funds and Distressed Assets.

“This partnership will further expand our presence in, and provide additional insights on, the important Indian market,” said

Gillian Brown, Senior Managing Director, Capital Markets at Ontario Teachers.

The Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with $ 205 billion in net assets as on June 30.

Last year, leading Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ”), had invested Rs.1800 crore ($ 250 million) in Edelweiss Financial Services’ non-banking financial company (NBFC) arm, ECL Finance Ltd.

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