Leading global investor Ontario Teachers’ Pension Plan Board (Ontario Teachers’) on Tuesday announced that it has set up its India office. The office in Mumbai is its sixth globally and third in the Asia-Pacific region.
The pension fund has also brought in Keki Mistry, vice-chairman & CEO of HDFC Ltd, as a senior advisor. In his global advisory role, Mistry will help to further enhance Ontario Teachers’ market reach, providing access to a high-quality network and opportunities, and sharing guidance on market dynamics.
Via its office in Mumbai’s financial hub of the Bandra Kurla Complex, Ontario Teachers’ will target investments in India across asset classes, including public and private equities, infrastructure, real estate, credit and venture, and growth equity.
Ontario Teachers’ holds a portfolio of public and private assets totalling more than C$3 billion (around Rs 18,374 crore) in India.
“India is an attractive investment destination and will be one of our growth markets over the next 5-10 years. It has a large, growing, and dynamic economy, with openness to foreign capital, which makes it a strategically important market for us,” said Jo Taylor, president and CEO, Ontario Teachers’ Pension Plan.
Deepak Dara has been appointed senior managing director and head of India; he will take on this role in early 2023. As India chief, Dara will be responsible for accelerating investment activities and enhancing portfolio management in the country.
A founding team of approximately 10 team members will be based in Ontario Teachers’ Mumbai office by the end of 2022, comprising a mix of local talent and transfers from its other offices.
Some of its key India investments include a $350-million agreement with Edelweiss Alternate Asset Advisors (EAAA), the largest private debt manager in India, and deals with ChrysCapital, Sahyadri Hospital Groups, and VerSe Innovations, owned by Dailyhunt.
Its other investments include those in the KKR road platform, Mahindra Susten, National Highways Infra Trust (NHIT), and National Investment and Infrastructure Fund (NIIF).