Briefing

CPPIB investing up to US$600 million in India’s infrastructure fund

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Canada’s largest pension plan is committing US$150 million to the Indian government’s National Investment and Infrastructure Fund (NIIF). It also secured rights to invest up to US$450 million alongside the fund. (The Logic)

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Talking point: This is part of a broader push CPPIB is making into Asia’s third-largest economy. On Thursday, CPPIB CEO Mark Machin said the pension intends to enter the private debt market in the country: “Private debt can be a good opportunity as we see some interesting situations in the country.” CPPIB currently has about $10.5 billion invested in India, but is looking to increase its exposure to emerging markets—China, India and Brazil chief among them—to one-third of its total $409.5-billion portfolio. It’s not the only Canadian pension pushing into India. The Ontario Teachers’ Pension Plan is also an investor in NIIF; its chief investment officer, Ziad Hindo, told The Logic in October it wants to expand in India.