Teachers’ expands its presence in India with the opening of an office in Mumbai
Mumbai– The Ontario Teachers’ Pension Board (Ontario Teachers’), a leading global investor with over C$242.5 billion / INR 14.85 lakh crore (all figures as of 30 June 2022), has established a presence on the ground in India, opening a new office in Mumbai to develop its existing Indian portfolio. Having a local team and office will help Teachers’ find investments, nurture long-term partnerships and attract strong local talent. The office is located in the financial center of the Bandra Kurla complex and is Ontario Teachers’ sixth global office and third in the Asia-Pacific region.
“India is an attractive investment destination and will be one of our growth markets over the next 5-10 years. Its economy is large, growing and vibrant, with openness to foreign capital, making it a strategically important market for us,” said Jo Taylor, President and CEO.
The Mumbai office will target investments in India across all asset classes, including public and private equities, infrastructure, real estate, credit, and venture capital and growth equities.
Developing our team in India
A founding team of approximately 10 members will be based in Ontario Teachers’ Mumbai office by the end of 2022, comprised of a mix of local talent and transfers from its other offices. This presence is expected to expand as Ontario Teachers’ investment portfolio grows over the next few years.
Ben Chan, Executive Managing Director and Head of Asia Pacific, manages all of Ontario Teachers’ activities in the region, including overseeing its offices in Hong Kong, Singapore and Mumbai.
Deepak Dara has been appointed Senior Managing Director and Head of India and will assume this role in early 2023. As Head of India, Mr. Dara will be responsible for accelerating investment activities and improving the portfolio management in India. He will report to Mr. Chan.
Mr. Dara joined Teachers’ in 2020 as Chief of Staff to the Chief Investment Officer and has been instrumental in advancing numerous global and cross-asset class initiatives, including the company’s five-year investment strategy. organization, Indian strategy and ambition for climate action. Prior to joining Teachers’, Mr. Dara was part of the management team of the Principal Investors and Private Equity practice at Boston Consulting Group.
“I am very excited to return home and take on the role of Head of India. I look forward to working with our asset class teams and partners in the region and bringing our global expertise to India. The last 12 months have seen marked growth in our investment activities in India, and I am excited to further develop our presence, networks and capabilities in the country,” said Mr. Dara.
Keki Mistry, Vice Chairman and Chief Executive Officer of Housing Development Finance Corporation Limited (HDFC Ltd.), one of India’s leading financial services conglomerates, has agreed to be Teachers’ Senior Advisor. Mr. Mistry has nearly four decades of experience as a senior executive in the banking and financial services industries.
In his role as Global Advisor, Mr. Mistry helps expand Ontario Teachers’ market reach, providing access to high-quality network and opportunities and sharing advice on market dynamics. He is not involved in the day-to-day operations of Ontario Teachers’ business.
“I am delighted to partner with Ontario Teachers’, one of the world’s largest institutional investors. I look forward to helping Teachers’ continue to grow its network and portfolio,” said Mr. Mistry.
“We see a range of attractive investment opportunities in the public and private markets in India for a long-term investor like Ontario Teachers’. I am delighted to work with Deepak to strengthen the team and continue to grow our portfolio in India,” Mr. Chan said. “I am also delighted that Keki has agreed to become a senior adviser. He brings exceptional expertise and invaluable understanding of the region, which will be essential as we continue to grow our business in India.
Increase our investments in India
Ontario Teachers’ holds a portfolio of public and private assets totaling over C$3 billion / INR 18,374 crore in India. Some of the notable investments include:
- Edelweiss Alternative Asset Advisors (EAAA): Invested US$350 million with EAAA, India’s largest private debt manager, with a focus on investment opportunities in both performing and distressed private credit in the Indian market.
- Investment in a private equity fund: ChrysCapitalwhich focuses on IT/Business Services, Pharma/Healthcare, Financial Services, Consumer/New Economy and Manufacturing, and Capital of Kedaarawho seeks control and minority investment opportunities in India.
- Sahyadri Hospitals Group: The largest chain of private hospitals in the state of Maharashtra, comprising 8 hospitals with around 900 operation beds and 300 intensive care beds. Sahyadri was the first private equity buyout controlled by Ontario Teachers’ in India.
- VerSe Innovations: One of the largest local language content platforms in India, which owns Dailyhunt (a news+ content aggregator app) and Josh (a short-form video app).
Infrastructure and natural resources
- KKR road platform: Investment in the KKR road platform which currently has six roads and has entered into binding agreements to acquire five more roads. The 11 routes are 820 km long through 10 states.
- Mahindra Susten Private Limited: Signed binding agreements with Mahindra Group to acquire a 30% stake in Mahindra Susten, a leading renewable energy company, at a net worth of INR 2,371 crore (~US$300 million). The parties will also explore the creation of an infrastructure investment fund (“InvIT”) comprising operational renewable assets. Over the next seven years, Ontario Teachers’ has committed to deploy an additional amount of up to INR 3,550 crore (~US$450 million) in the business and InvIT.
- National Highways Infra Trust (NHIT): Acquired a 25% stake for INR 1,500 crore (C$248 million) in NHIT, an InvIT sponsored by the National Highways Authority of India, the Indian government’s agency for the development of national highways.
- National Investment and Infrastructure Fund (NIIF): Committed up to US$1 billion to NIIF, the largest infrastructure fund in India. The fund invests in equity across major infrastructure sectors in India, with a focus on transport, energy and urban infrastructure.
Build on existing presence in Asia-Pacific
The Mumbai office will serve to further enhance Ontario Teachers’ existing capabilities in the Asia-Pacific region. Ontario Teachers’ has over 65 employees in the region and approximately $20 billion invested in Asia Pacific across all asset classes.
Ontario Teachers’ office in Hong Kong, established in 2013, will continue to focus on the North Asian regions, including Greater China, South Korea and Japan. The Singapore office, established in 2020, serves as a base for investments in Southeast Asia, Australia and New Zealand.
The Ontario Teachers’ Pension Board is a global investor with net assets of $242.5 billion as of June 30, 2022. We invest in more than 50 countries in a wide range of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture capital growth to provide income benefits to 333,000 active and retired members.
With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring deep expertise in sectors ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned a total annual net return of 9.6% since the plan’s inception in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we support and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
Ontario Teachers’ Pension Plan
Telephone: +1 416-419-1437
Sunanda Rao Erdem
Seraphim Communications LLP (for Teachers’)
Telephone: +91 9953509889