Ontario Teachers’ Pension Plan Board Opens Mumbai Office
Posted on 09/27/2022
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) has established on-the-ground presence in India, opening a new office in Mumbai to build on its existing Indian portfolio. Having a local team and office will support Ontario Teachers’ in sourcing investments, nurturing long-term partnerships, and attracting strong local talent. The office is in the financial hub of the Bandra Kurla Complex and is Ontario Teachers’ sixth global office and third in the Asia-Pacific region. Ontario Teachers’ holds a portfolio of public and private assets totaling more than C$3 billion. Ontario Teachers’ joins CDPQ in forming an office in India.
“India is an attractive investment destination and will be one of our growth markets over the next 5-10 years. It has a large, growing, and dynamic economy, with openness to foreign capital which makes it a strategically important market for us,” said Jo Taylor, President and Chief Executive Officer in a press release.
The Mumbai office will target investments in India across all asset classes, including public and private equities, infrastructure, real estate, credit and venture and growth equity. A founding team of approximately 10 team members will be based in Ontario Teachers’ Mumbai office by the end of 2022, comprising a mix of local talent and transfers from its other offices. This presence is expected to scale further as Ontario Teachers’ investment portfolio grows in the coming years.
Ben Chan, Executive Managing Director and Head of Asia-Pacific, manages all of Ontario Teachers’ activities in the region including oversight of its Hong Kong, Singapore and Mumbai offices.
Deepak Dara has been appointed Senior Managing Director and Head of India and will take on this role in early 2023. As Head of India, Dara will be responsible for accelerating investment activities and enhancing portfolio management in India. He will report to Ben Chan.
Dara joined Ontario Teachers’ in 2020 as Chief of Staff to the Chief Investment Officer and has been instrumental in advancing many global and cross-asset class initiatives including the organization’s five-year investment strategy, India strategy and ambition on climate action. Prior to joining Ontario Teachers’ Dara was part of the leadership team of the Boston Consulting Group’s principal investor and private equity practice.
Keki Mistry, Vice Chairman & Chief Executive Officer of Housing Development Finance Corporation Limited (HDFC Ltd.), one of India’s major financial services conglomerates, has agreed to be a Senior Advisor to Ontario Teachers’. Mistry has nearly four decades of senior leadership experience in the banking and financial services sectors. In his global advisory role, Mr. Mistry is helping to further enhance Ontario Teachers’ market reach, providing access to a high-quality network and opportunities, and sharing guidance on market dynamics. He is not involved in the day-to-day operations of Ontario Teachers’ business.
Singapore over Hong Kong?
The Ontario Teachers’ Pension Plan is also considering doubling its staff in its Singapore office. The Singapore office opened in 2020. Ontario Teachers’ is moving into new offices in Singapore with employee capacity of around 45 to 50 people, from about 25 now. This number count would surpass the 35 staff in the fund’s Hong Kong office. Cadillac Fairview is the real estate unit of Ontario Teachers’ Pension Plan. Cadillac Fairview and the infrastructure team have staff in Singapore.
Keywords: Ontario Teachers Pension Plan.
