Allianz invests $200mn in Edelweiss platform
Allianz Investment Management, part of German insurer Allianz Group, has invested $200 million (Rs 1,420 crore) in a private debt platform of Indian financial services group Edelweiss.
This investment is the first private-debt commitment by Allianz in India’s stressed assets segment, Edelweiss said in a statement.
Allianz, one of the world’s largest insurers, has been quickly expanding its activities in India. In November, Allianz and Asian logistics real estate developer ESR Group, backed by private equity firm Warburg Pincus, set up a $1 billion platform to invest in India’s logistics sector. The same month, the property investment unit of Allianz acquired its first real estate asset in India when it bought a commercial asset in Pune.
For Edelweiss, this is its second partnership with a global institutional investor in the stressed assets and specialised corporate credit segment. In late 2016, Edelweiss tied up with Canadian pension fund manager Caisse de depot et placement du Quebec (CDPQ) to invest in stressed assets.
Rashesh Shah, chairman and CEO, Edelweiss Group, said: “Institutional investors are increasingly looking at private debt strategies in India more than ever before.”
He said the $1.3-billion Edelweiss India Special Asset Fund-II, which it raised last month, showcases the company’s leadership in the private debt industry.