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Edelweiss Group chairman and chief executive Rashesh Shah  (Mint)
Edelweiss Group chairman and chief executive Rashesh Shah (Mint)

Edelweiss Asset Management raises 6,600 cr

Investments came from Canadian Ontario Teachers’ Pension Plan Board, Florida’s State Board of Administration, Swedish Pension Fund - AP4 and a European insurance investor, among others

Edelweiss Group on Monday said its asset management arm has raised 6,600 crore from global long term investors for on-lending to Indian companies and projects requiring long term capital.

Edelweiss Alternative Asset Advisors is looking to raise an alternative investment fund (AIF) of over $1 billion next year to invest in realty assets.

"This fund raise, amidst subdued economic climate, is a strong endorsement of the opportunities in the Indian alternative asset management space, as well as the robust and unique private debt platform of EAM," said Edelweiss in a stock exchange filing.

The third in the Special Opportunities Series, ESOF III was launched with an investment mandate centered around the performing credit space with a focus on providing structured credit to Indian companies. "The ESOF III strategy has generated strong investor interest and has received commitments from marquee global institutional investors, which include recent investments by the Canadian Ontario Teachers’ Pension Plan Board, Florida’s State Board of Administration, Swedish Pension Fund - AP4 and a European Insurance Investor, among others," the company said.

Rashesh Shah, Chairman and CEO, Edelweiss Group said, “The overwhelming response we’ve received for ESOF III is testament to India’s growth potential and investors’ strong confidence in the Edelweiss private debt platform. Banks and Mutual Funds have been receding from the structured credit space in line with global trends and the current dislocation has further accentuated the need for long-term flexible capital. This presents a huge opportunity for private debt players and it’s reassuring to note that the present market environment has not deterred investors who are keen to participate in India’s longterm growth story."

Hemant Daga, CEO, Edelweiss Asset Management said, “We believe, close-ended asset management vehicles are the preferred option for long-term credit investments as they are unlevered, patient capital vehicles. Having built deep expertise in the space, this fund raise is a strong validation of our capabilities to originate, underwrite, structure and realize private credit strategies. The trust placed in our platform and in our rigourous governance standards is truly humbling. We thank our investors who have shown such unwavering confidence in our ability to deliver despite market volatility."

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