The new office, which will be located in the financial hub of the Bandra Kurla Complex (BKC), will allow CPPIB to expand its reach and enhance diversification to help support retirement security for Canadians.
CPPIB has committed more than US$2 billion to investments in India, including a 3.9% holding in Kotak Mahindra Bank, the third largest Indian private sector bank by market capitalization; a US$332 million investment in L&T Infrastructure Development Projects, the unlisted subsidiary of India's largest engineering and construction company; a strategic alliance with Piramal Enterprises Limited, to provide structured debt financing to residential projects across India's major urban centres; an 80% holding in a venture with Shapoorji Pallonji Group to acquire stabilized office buildings in the major metropolitan areas; a US$300 million investment in Multiples Alternate Asset Management across two funds; and US$75 million investment in India Value Fund V, an India-based private equity fund focused on growth opportunities.
"CPPIB has been investing in India since 2010 and we view it as a key growth market that aligns with our strategy of seeking investments in markets that we believe will deliver attractive long-term, risk-adjusted returns," said Mark Wiseman, president & CEO, CPPIB.
"CPPIB already has significant investments in the country across infrastructure, real estate and financial services. The opening of an office in Mumbai allows CPPIB to develop local expertise, build important partnerships and access investment opportunities that may not otherwise have been available."
In related news, CPPIB also on Tuesday announced it has committed to approximately 30% of the equity in Altice's proposed acquisition of Cablevision Systems Corporation, which was announced in September, along with co-investors and funds advised by BC Partners, BC European Capital IX.
CPPIB and BC Partners are exercising their option to participate pro rata in the Cablevision acquisition as part of CPPIB and BC Partners' announced agreement to sell a majority stake in Suddenlink to Altice. CPPIB and BCEC IX will each fund 12% of the acquisition in Cablevision, approximately US$400 million each, with the balance funded by co-investors.
Cablevision is a cable operator serving millions of households and businesses throughout the greater New York area.