India’s Edelweiss to secure up to $1.3 bln for new assets fund

Indian financial services company Edelweiss Broking Ltd. plans to secure up to $1.3 billion for distressed assets fund.

Edelweiss Broking has received investments from pension funds and insurers such as pension fund company Caisse de dépôt et placement du Québec (CDPQ) and Allianz SE.

CDPQ and Allianz SE are expected to infuse $400 million and $200 million, respectively. Edelweiss Broking itself is predicted to infuse $200 million.

The vehicle, Edelweiss Stress Asset Fund, could attract interest from the sovereign funds in the Middle East and Singapore, in addition to university endowments and pension money managers in North America and Europe. Those backers are expected to invest in between $20 million and $100 million each.