Canada’s Ontario Teachers’ Pension Plan Board has opened its first office in India to facilitate investments in the world’s fifth largest economy.
Located in the Bandra Kurla Complex financial hub in the city of Mumbai, it is the pension fund’s sixth global office, and third in Asia Pacific.
The office will have a ten-member founding team by the end of the year and will support Ontario Teachers’ in sourcing for investments, nurturing long-term partnerships and attracting local talent, the pension fund says in a statement on September 27.
“The Mumbai office will target investments in India across all asset classes, including public and private equities, infrastructure, real estate, credit and venture and growth equity.”
The office will be headed by Deepak Dara, who has been appointed senior managing director and head of India.
Dara, who is currently a director in the office of Ontario Teachers’ chief investment officer, will take on his new role in early 2023, reporting to Ben Chan, executive managing director and head of Asia Pacific.
“India is an attractive investment destination and will be one of our growth markets over the next five - ten years. It has a large, growing, and dynamic economy, with openness to foreign capital which makes it a strategically important market for us,” Jo Taylor, president and chief executive officer of Ontario Teachers’, says in the statement.
Ontario Teachers’ has thus far invested C$3 billion (US$2.18 billion) in India, including $175 million in April this year in a portfolio of roads owned by US private equity manager KKR & Co.
Toronto-based Ontario Teachers’ had around C$242.5 billion of net assets as of June 2022.