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Canadian Fund manager to invest in India's stressed assets through Edelweiss platforms

EdelweissFinancial Services Ltd. entered into a long-term partnership withCanadian institutional fund manager Caisse de dépôt et placement du Québec, or CDPQ,which will include target investments by CDPQ of 50 billion Indian rupees overfour years in India's stressed assets and specialized credit space throughEdelweiss Financial.

Edelweiss said Oct. 3 that the investment would provide thegroup with capital to invest in stressed assets and private debt opportunitiesin India. Edelweiss Asset Reconstruction Co. will carry out the investmentsthrough various funds.

CDPQ will acquire a 20% equity stake in Edelweiss AssetReconstruction. The fund manager will have a seat on the asset reconstructionfirm's board of directors and on the Edelweiss group investment committee thatoversees private debt and stressed assets investments.

The acquisition is subject to regulatory approval.

As of Oct. 3, US$1 wasequivalent to 66.52 Indian rupees.