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Edelweiss Alternative Asset Advisors (EAAA) on Monday announced the final close of its ₹6,600-crore alternative investment fund, ESOF III.
“This fund raise, amidst the 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 Edelweiss Asset Management (EAM),” Edelweiss Financial Services said in a statement.
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, it further said.
Terming it a big achievement, Rashesh Shah, Chairman and CEO, Edelweiss Group said it is a fairly large fund raising.
“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,” he noted.
Hemant Daga, CEO, Edelweiss Asset Management said that they believe that close-ended asset management vehicles are the preferred option for long-term credit investments as they are unlevered, patient capital vehicles.
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Future AIF
Asked about the future plans of Edelweiss alternative investment funds, Daga said it is now looking at a lot of opportunities in the real estate side and is “looking forward” to a billion dollar raise in the real estate side next year. “We are interested in funding good residential products,”he said.
The alternatives platform focuses on providing high quality credit and yield opportunities to global and domestic investors across performing credit (corporate and real estate), distressed credit and infrastructure yield. Earlier this year, it announced the closure of its infrastructure yield fund, EIYP, raising nearly ₹3,300 crore.
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