Canada Pension Fund Ends Q3 With New Indian Investment, $400 Billion In Assets

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The Canada Pension Plan Investment Board, the organisation that invests the assets of the Canada Pension Plan, ended its third quarter of FY23 with one fresh investment in India.

It committed $205 million (roughly Rs 1,690 crore) to IndoSpace Logistics Park IV, a real estate vehicle managed by real estate firm IndoSpace, according to its statement.

CPPIB sold off a 49% stake in L&T Infrastructure Development Projects Ltd., from which it expected gross proceeds of about Rs 1,350 crore.

It also invested $53 million (around Rs 435 crore) for a 2.7% stake in Mumbai-based IIFL Wealth, a wealth management firm, alongside Bain Capital Asia.

CPPIB opened its sixth international and first physical office in Mumbai in 2015. “With roughly 17.5% of the world’s population and an economy whose growth has outpaced the world, India represents a key market for us,” it had said.

At the time, the fund had already made long-term capital commitments in India with the Shapoorji Pallonji Group, Piramal Enterprises, and a “significant investment” in financial services through its ownership in Kotak Mahindra Bank.

Since then, the fund has focused on India’s industrial space. It sees “strong demand as the manufacturing sector continues to grow and the e-commerce sector matures,” Hari Krishna V, Managing Director and Head of Real Estate India at CPPIB, had said about its investment in IndoSpace.

CPPIB also invests in funds that put money into several Indian startups, such as those run by Sequoia Capital, Kedaara Capital, Accel, Advent International, and many more.

Globally, CPP Investments ended its third quarter of fiscal 2023 on December 31, 2022, with net assets of around Rs 32.86 lakh crore ($400 billion).



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