ADIA commits $500m to Indian distressed fund

Indian_fabrics_shopUAE-based sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), has partnered with India-based fund manager Kotak Investment Advisors (KIA) on the launch of a distressed fund. The fund will focus on a range of non-performing loan (NPL) opportunities covering both pre-stress and distressed loans “with a key focus on providing financial support to pre-stress businesses to prevent them from entering insolvency”, said ADIA. The partnership will "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. “This is our first distressed fund,”added Srini Sriniwasan, KIA chief executive. “We believe that there is a large opportunity for distressed debt in India especially with the new bankruptcy code in operation. “We will also provide high yield structured credit and specific financing requirements for companies.” ©2019 funds global mena

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