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Canada’s pension fund giant Ontario Teachers opens India office

Canada’s pension fund giant Ontario Teachers is opening its first India office in Mumbai, the investment management company said in a press statement.

The office will open in Mumbai’s Bandra Kurla complex and will be its sixth global office and its 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. 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.

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. This presence is expected to scale further as Ontario Teachers’ investment portfolio grows in the coming years.

Deepak Dara has been appointed Senior Managing Director and Head of India and will take on this role in early 2023.

The fund also said in its press statement that Keki Mistry, Vice Chairman & Chief Executive Officer of Housing Development Finance Corporation Limited (HDFC Ltd.), has agreed to be a Senior Advisor to Ontario Teachers’. Mistry has nearly four decades of senior leadership experience in the banking and financial services sectors.

Ontario Teachers’ Indian investment portfolio is valued at a little over $2 billion. It has invested in a debt fund platform of Edelweiss. It has investments in in private equity funds of ChrysCapital and Kedaara Capital. It also has investments in infrastructure such as one in Mahindra Susten’s green energy platform and KKR’s roads platform. It recently bought a stake in Sahyadri Hospitals and also owns a stake in VerSe Innovations, the parent of news app Dailyhunt.

Ontario Teachers manages $177 billion in assets purchased from savings of working and retired teachers. The asset management firm aims to deliver returns on the investments to ensure retirement income for the teachers.

It invests in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth.

It has offices in Hong Kong, London, San Francisco, Singapore and Toronto. It employs 350 investment professionals.



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