The company will use the proceeds to buy and turn around stressed assets with viable business models and potential of generating cash flows, said Rashesh Shah, Chairman and Chief Executive Officer, Edelweiss Group.
Edelweiss Financial Services has raised Rs 9,200 crore ($1.3 billion) through its Edelweiss India Special Assets Fund (EISAF) II, an alternative investment fund including insurance companies, pension funds and high net worth individuals.
The company would use the proceeds to buy and turn around stressed assets with viable business models and potential of generating cash flows, said Rashesh Shah, Chairman and Chief Executive Officer, Edelweiss Group.
The mandate of EISAF II is centered around making value investments in stressed assets to turnaround viable non-performing assets. It is focused on assets with established infrastructure, viable business models and potential of generating cash flows.
Shah said that the fund raised is timely and it will aid the firm's ability to address stressed assets problem in the country, create employment opportunities and generate value for all stakeholders.
Edelweiss already manages stressed loans of over Rs 54,000 crore.
Edelweiss Alternative Asset Advisors Limited (EAAA) the alternative investment arm of Edelweiss Group is focused on providing high quality investment opportunities in alternatives in India, catering to global and domestic investors across structured credit, infrastructure yield, real estate and distressed credit.
EAAA acts as Manager/Advisor for over Rs 20,000 crores ($3 billion.) from marquee Global LPs and some HNIs/family offices in India.In 2018, it became the only Investment Manager to have launched an Infra Yield fund which has already raised Rs 2,500 crores ($360 millon).