Allianz Investment Management, part of German insurer Allianz Group, has partnered with local private equity firm Kotak Investment Advisors to invest in the Indian private credit market.
“In February, Allianz made its maiden credit investment of $150 million in Kotak Investment Advisors’ 11th real estate debt fund that achieved a closure of $380 million,” Kotak said in a statement.
Last week, VCCircle reported that the alternative investment arm of Uday Kotak-led Kotak Mahindra Bank is set to acquire its first asset under the Insolvency and Bankruptcy Code (IBC).
Just in February, VCCircle also reported that Kotak Investment Advisors plans to launch its second fund focused on infrastructure in the country.
Allianz’s total private credit investments in India so far are worth approximately $650 million and it is looking to increase it to $1 billion in 2021, according to the statement.
Last month, Allianz Global Investors led an investment with AMP Capital to fund developer and highway operator Sadbhav Infrastructure Projects Ltd .
In January, it provided debt financing to transmission firm Sterlite Power along with Larsen and Toubro Ltd’s financial lending arm.
Allianz Investment Management manages over 750 billion euros worth of investment portfolio of Allianz insurance companies currently operating in 60 countries.
Two years ago, Allianz had made its first private-debt commitment in India’s stressed assets segment to invest $200 million in a private debt platform of Edelweiss.
Set up in 2005, Kotak Investment Advisors has raised over $4.06 billion worth of total commitments from domestic and international investors across asset classes.
Back in 2013, it had hit the first close of the maiden fund that had a target corpus of $250 million.
In August 2019, the entity hit the final close of its special situations fund at $1 billion (around Rs 7,130 crore).
Last year, it raised Rs 657 crore (around $87 million) in January-March for Optimus Alternate Investment Fund, a private fund for ultra-high net-worth individuals.