Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and India’s Piramal Asset Management Pvt. Ltd have jointly floated a private credit financing platform with a corpus of USD 300 million.
CDPQ will contribute 75% of the funds for the platform while the alternative investment arm of Piramal Enterprises Ltd will put in the remaining capital, the two companies said in a statement on Thursday.
The two companies also said that the platform will look to offer private credit to Indian companies across various sectors, including manufacturing, consumer, industrial, pharmaceuticals and logistics.
Piramal Enterprises said the partnership was in sync with its direct lending strategy for mid-market companies and major corporations. “This platform aims to leverage the significant market opportunity for alternative pools of capital to provide valuable solutions in the private credit space,” group chairman Ajay Piramal said.
Source: VC Circle