CPPIB approves $225m commitment

The Canadian public pension has backed an India-focused private equity vehicle.

Institution: Canada Pension Plan Investment Board
Headquarters: Toronto, Canada
AUM: CA$409.50bn
Allocation to alternatives: 58.30%
Bitesize: CA$200-500m

Canada Pension Plan Investment Board has agreed to commit $225 million to India Resurgence Fund (IndiaRF), according to a recent press release on the pension’s website. The India Resurgence Fund platform is being co-managed by Piramal Enterprises and Bain Capital Credit which are acting as joint sponsors.

The CA$409.50 billion Canadian public pension has a 21.0 percent target allocation to private equity that currently stands at 24.20 percent.

IndiaRF is targeting both debt and equity turnaround investments in distressed assets. The platform will invest in equity securities and also purchase existing debt existing from bankruptcy courts or originating directly from lenders. The platform will take control of the turnaround process through recapitalisation and operational improvements.

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