Abu Dhabi Investment Authority set up a distressed assets fund in India, anchoring it with a $500 million commitment.
The sovereign wealth fund is partnering with Kotak Investment Advisors Ltd. for the Kotak Special Situations Fund, which will target non-performing loan opportunities in the South Asian nation.
The fund will target both pre-stress and distressed opportunities, with a key focus on providing financial support to pre-stress businesses to prevent them from entering insolvency, WAM news agency reported.
“With a broad mandate to invest across asset types and sectors, our new partnership with Kotak will contribute to this process and help to ease the burden of NPLs on the Indian financial system,” said Hamad Shahwan Aldhaheri, executive director of the private equities department at ADIA.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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