Deepak Dara has been named senior managing director and head of India at the Ontario Teachers' Pension Plan as part of OTPP's decision to open up a new office in Mumbai.
OTPP said in a Tuesday news release that the new office, located in the financial hub of the Bandra Kurla Complex in Mumbai, will "build on its existing Indian portfolio" and that the establishment of a local team will help in "sourcing investments, nurturing long-term partnerships, and attracting strong local talent."
Mr. Dara will assume this role in early 2023, the release said, and he will be tasked with "accelerating investment activities and enhancing portfolio management in India."
OTPP currently holds a portfolio of public and private assets totaling more than C$3 billion ($2.3 billion) in India, the release added. These investments include $350 million with Edelweiss Alternative Asset Advisors, India's largest private debt manager.
Mr. Dara will report to Ben Chan, executive managing director and head of Asia-Pacific, who manages all of OTPP's activities in the region including oversight of its Hong Kong, Singapore and Mumbai offices.
Mr. Dara initially joined OTPP in 2020 as chief of staff to the chief investment officer.
The Mumbai office will have a "founding team" of about 10 people by the end of 2022, "comprising a mix of local talent and transfers from its other offices," the release added. This presence is expected to "scale further" as OTPP's investment portfolio "grows in the coming years."
The Mumbai office, which will mark OTPP's sixth global office and third office in the Asia-Pacific region, will target investments in India across all asset classes, including public and private equities, infrastructure, real estate, credit and venture and growth equity, the release noted.
"India is an attractive investment destination and will be one of our growth markets over the next 5-10 years," said Jo Taylor, president and CEO, in the release.
OTPP had more than C$242.5 billion in net assets as of June 30.
Another Canadian pension firm, the C$523 billion Canada Pension Plan Investment Board, opened up an investment office in India in 2015, according to a news release issued Oct. 27 of that year.
OTPP could not be immediately reached for further details.