Edelweiss Alternative Asset Advisors, a part of Edelweiss Asset Management (EAM), one of India’s leading asset management platforms, announced the final close of its $900 mn alternative investment fund – ESOF III.
“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,” the Company said in its press release.
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.
Commenting on the development, 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 long term 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 rigorous governance standards is truly humbling. We thank our investors who have shown such unwavering confidence in our ability to deliver despite market volatility.”
Edelweiss Asset Management pioneered private debt in India with the launch of the $230 mn ESOF I in 2010.
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