Ontario Teachers’ Pension Plan Board, Canada’s largest single-profession pension plan, has signed an agreement to invest $350 million (₹2,600 crore) in Edelweiss Alternate Asset Advisors.

The agreement represents a long-term partnership between Ontario Teachers’ and Edelweiss Group that will focus on performing and distressed private credit investment opportunities in the India, said Edelweiss in a statement on Wednesday.

Despite the global economic uncertainty caused by Covid pandemic, the investment of Ontario Teachers’ endorses the potential of Indian alternative asset management, it added.

Edelweiss Alternate Asset Advisors has asset under management of about $3.8 billion (₹30,000 crore).

Rashesh Shah, Chairman and CEO, Edelweiss Group, said the investment comes when there is thrust to empower and enable India become a global manufacturing hub as part of government’s ‘Atmanirbhar’ programme.

The need for long-term patient capital in India presents a huge opportunity for private debt managers, he said.

Gillian Brown, Senior Managing Director, Capital Markets at Ontario Teachers’, said the investment will further expand the pension fund’s presence and provide additional insights on the important Indian market.

Ben Chan, Regional Managing Director, Asia Pacific, Ontario Teachers’ said it is an important milestone of the pension fund’s ambition to build multi-asset class exposure to India’s long-term growth story.

“As a global investor, Ontario Teachers’ hopes to leverage our select list of partners including Edelweiss for local insights and acumen as we navigate to grow profitably in this important market,” he added.

Venkat Ramaswamy, Vice-Chairman and Executive Director, Edelweiss Group, said the opportunity for Alternative Investment funds in India is large, given the need for credit, and this investment will enable Ontario Teachers’ to capitalise on private debt opportunities available in India.