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Kotak launches Special Situations Fund, Abu Dhabi Investment Authority commits $500mn

With a broad mandate to invest across asset types and sectors, our new partnership with Kotak will contribute to this process and help to ease the burden of NPLs on the Indian financial system," ADIA Private Equities Department ED, Hamad Shahwan Aldhaheri said.

Kotak launches Special Situations Fund, Abu Dhabi Investment Authority commits $500mn
The Kotak Special Situations Fund is structured as an Alternative Investment Fund under SEBI regulations. Reuters
By PTI
Updated: Thu, Feb 28, 2019
04:04 pm
Kolkata, PTI
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Kotak Investment Advisors Ltd Thursday announced the launch of Kotak Special Situations Fund, anchored by a USD 500 million commitment from unit of Abu Dhabi Investment Authority (ADIA). "The fund will target a range of non-performing loan (NPL) opportunities in India. The fund is being anchored by a USD 500 million commitment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority," Kotak said in a statement.

It will target both pre-stress and distressed opportunities, with a key focus on providing financial support to pre-stress businesses to prevent them from entering insolvency, the statement added. The Kotak Special Situations Fund is structured as an Alternative Investment Fund under SEBI regulations.

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"Institutional investors can play an important role in building a successful secondary market for non-performing loans in India. With a broad mandate to invest across asset types and sectors, our new partnership with Kotak will contribute to this process and help to ease the burden of NPLs on the Indian financial system," ADIA Private Equities Department ED, Hamad Shahwan Aldhaheri said.

The fund will be managed by the Alternate Asset Management AMC - Kotak Investment Advisors Ltd led - by Eshwar Karra, former CEO of Phoenix ARC.