Caisse de dépôt et placement du Québec, which manages funds primarily for Canadian public and parapublic pension and insurance plans, has formed a partnership with Piramal Asset Management Private Limited to invest in illiquid credit opportunities in India.

The two organizations will invest US$300 million, with 75 percent of the money coming from CDPQ and the remainder from Piramal. CDPQ oversees C$326.7 billion (US$246 billion) in net assets. CDPQ’s partnership with Piramal, an India-based manager that is part of Indian conglomerate Piramal Enterprises Limited, will offer private credit solutions to companies in a broad range of sectors, including manufacturing, consumer, industrial, healthcare, pharmaceuticals, and logistics.

The Canadian pension manager has worked with Piramal Enterprises in other asset classes since 2017. Among other things, CDPQ’s real estate group, Ivanhoé Cambridge, has committed US$250 million for co-investments with Piramal to fund high-quality residential developers.

“This is another opportunity for CDPQ to work with the best partners in a market where we see many possibilities over the long term,” Anita George, CDPQ’s head of strategic partnerships for growth markets, said in a statement. According to George, who was traveling at press time, the platform will support “India’s thriving entrepreneurship.”

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