India: Edelweiss hits final close of structured credit fund at $900m

Photo: Reuters

Edelweiss Alternative Asset Advisors (EAAA), part of Edelweiss Asset Management (EAM), on Monday said it has achieved the final close of its $900 million ( ₹6,600 crore) alternative investment fund – ESOF III.

The third in the Special Opportunities Series, ESOF III was launched with an investment mandate centered around the performing credit space with a focus on providing structured credit to Indian companies, the company said in a statement.

The ESOF III strategy has received 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.

“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,” said Rashesh Shah, chairman and chief executive officer of Edelweiss Group.

Earlier this year, Edelweiss announced the closure of its infrastructure yield fund – EIYP, raising $450 million ( ₹3,300 crore).

“We believe, close-ended asset management vehicles are the preferred option for long-term credit investments as they are unlevered, patient capital vehicles. Having built deep expertise in the space, this fund raise is a strong validation of our capabilities to originate, underwrite, structure and realize private credit strategies,” said Hemant Daga, CEO, Edelweiss Asset Management said.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.