Canadian Pension Funds Bet Big on Indian Telecom Infrastructure
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CDPQ leads a wave of Canadian institutional investment into overseas connectivity assets.
The Caisse de Depot et Placement du Quebec (CDPQ), Canada's second-largest pension manager, is investing 121 billion rupees (US$1.3 billion) into Altius Telecom Infrastructure Trust. According to reporting from the Financial Post, the deal grants CDPQ a 24% stake in the firm, which manages over 258,000 telecom towers in India. Brookfield Asset Management remains the largest shareholder in the trust, which also counts British Columbia Investment Management Corp and GIC Pte as investors.
This move is part of a broader trend of Canadian institutional capital flowing into Indian infrastructure. The Financial Post notes that CPP Investments and the Ontario Teachers’ Pension Plan Board recently backed the latest fund from the National Investment and Infrastructure Fund Ltd., alongside other global entities such as AustralianSuper and Temasek Holdings Pte. Other international firms increasing their presence in the region include Macquarie Asset Management, KKR & Co., and Blackstone Inc.
CDPQ, which manages US$552 billion in global assets, has an existing portfolio in India that includes Maple Infrastructure Trust, Apraava Energy Pvt., and Azure Power India Pvt.