Canadian pension fund Ontario Teachers’ Pension Plan Board (Ontario Teachers’), which manages assets worth over C$242.5 billion (Rs14.85 lakh crore, has established an on-the-ground presence in India, with the opening of a new office in Mumbai to build on its existing Indian portfolio, the pension fund manager said in a statement.
With the establishment of an India office, Ontario Teachers’ becomes the third Canadian pension fund manager to set up a local team in India. Its larger counterparts CPP Investments and CDPQ already have local offices in the country.
Having a local team and office will support Ontario Teachers’ in sourcing investments, nurturing long-term partnerships, and attracting strong local talent, the pension fund said. The office is in the financial hub of the Bandra Kurla Complex and is Ontario Teachers’ sixth global office and third in the Asia-Pacific region.
Ontario Teachers’ holds a portfolio of public and private assets totaling more than C$3 billion (Rs18,374 crore) in India.
Its investments include a $350 million investment in Edelweiss Alternate Asset Advisors, a control stake in Sahyadri Hospital Group, an investment in DailyHunt parent VerSe Innovations.
Ontario Teachers’ has made major investments in the infrastructure sector in India, committing to invest $300 million for a 30% equity stake in Mahindra Susten. It has invested Rs1,500 crore in NHAI’s roads InvIT and an investment in KKR’s India roads portfolio. It has also committed $1 billion to the National Investment and Infrastructure Fund.
“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 chief executive officer, Ontario Teachers’.
The Mumbai office will target investments in India across all asset classes, including public and private equities, infrastructure, real estate, credit and venture and growth equity.
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, the statement said. This presence is expected to scale further as Ontario Teachers’ investment portfolio grows in the coming years, it added.
Ben Chan, executive managing director and head of Asia-Pacific, manages all of Ontario Teachers’ activities in the region including oversight of its Hong Kong, Singapore and Mumbai offices. Deepak Dara has been appointed senior managing director and head of India and will take on this role in early 2023.
“We see a breadth of attractive investment opportunities across public and private markets in India for a long-term investor like Ontario Teachers’,” said Chan.
Keki Mistry, vice chairman and chief executive officer of HDFC Ltd, will act as a senior advisor to Ontario Teachers’. “In his global advisory role, Mr. Mistry is helping to further enhance Ontario Teachers’ market reach, providing access to a high-quality network and opportunities, and sharing guidance on market dynamics. He is not involved in the day-to-day operations of Ontario Teachers’ business,” the statement said.
