Edelweiss Asset Management Raises $900 Million Alternative Investment Fund
Edelweiss Alternative Asset Advisors (EAAA), a part of Edelweiss Asset Management (AUM of Rs 75,000 crore), one of India’s premier asset management firms has closed its latest alternate investment fund ESOF III worth $900 million. Launched with the objective to provide structured credit to Indian companies ESOF III is the third in the Edelweiss Special Opportunities Fund (ESOF) series, with the first fund being raised in 2010 and second one being launched in 2015.
The fund has generated strong investor interest and has received 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. The fund is the largest ever raised amount in the Indian private credit space in 2020 so far. The company believes that this fund closure amidst the subdued economic climate, signifies large opportunities in the Indian alternative asset management space, as well as the robust and unique private debt platform of EAM.
Rashesh Shah, Chairman and CEO, Edelweiss Group said, “The overwhelming response we’ve received for ESOF III is testament to India’s growth potential and investors’ strong confidence in the Edelweiss private debt platform. 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.”
Edelweiss Alternative Asset Advisors is a part of Edelweiss Asset Management, which is an asset management arm of Edelweiss Financial Services. Edelweiss Asset Management has an an asset management platform with assets worth INR 75,000 Cr under management, on Monday (October 19), announced the final close of its $900 Mn (INR 6,600 Cr) alternative investment fund ESOF III, third in the Edelweiss Special Opportunities Fund (ESOF) series. The first two funds in the ESOF series were launched in 2010 and 2015 respectively.