The India Resurgence Fund (IndiaRF) has previously raised US$100 million each from Bain Capital Credit, Mumbai-based Piramal Enterprises and World Bank sister organization International Finance Corporation. (The Logic)

Talking point: This is the latest move in India for CPPIB, which is looking to invest up to one-third of its $409.5-billion fund in emerging markets. Earlier this month, the pension committed up to US$600 million to the Indian government’s National Investment and Infrastructure Fund. CPPIB said it was attracted to IndiaRF because of its combination of local and global partners. “Our investment in IndiaRF represents an increase in our credit commitments in India, targeting attractive risk-adjusted returns in the sizeable Indian distressed-credit space,” said John Graham, CPPIB senior managing director. The pension’s growing exposure in India comes at a volatile time for the country: nationwide protests against a new citizenship law are ongoing, seven million Kashmir residents remain under lockdown and the International Monetary Fund is set to cut the country’s economic outlook.