Ontario Teachers’ grows presence in India with establishment of Mumbai office


MUMBAI — Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a leading global investor with over C$242.5 billion / INR 14.85 lakh crore (all figures as at June 30, 2022), has established on-the-ground presence in India, opening a new office in Mumbai to build on its existing Indian portfolio. Having a local team and office will support Ontario Teachers’ in sourcing investments, nurturing long-term partnerships, and attracting strong local talent. The office is in the financial hub of the Bandra Kurla Complex and is Ontario Teachers’ sixth global office and third in the Asia-Pacific region.

“India is an attractive investment destination and will be one of our growth markets over the next 5-10 years.  It has a large, growing, and dynamic economy, with openness to foreign capital which makes it a strategically important market for us,” said Jo Taylor, President and Chief Executive Officer. 

The Mumbai office will target investments in India across all asset classes, including public and private equities, infrastructure, real estate, credit and venture and growth equity.

Growing our India team

A founding team of approximately 10 team members will be based in Ontario Teachers’ Mumbai office by the end of 2022, comprising a mix of local talent and transfers from its other offices. This presence is expected to scale further as Ontario Teachers’ investment portfolio grows in the coming years.

Ben Chan, Executive Managing Director and Head of Asia-Pacific, manages all of Ontario Teachers’ activities in the region including oversight of its Hong Kong, Singapore and Mumbai offices.

Deepak Dara has been appointed Senior Managing Director and Head of India and will take on this role in early 2023. As Head of India, Mr. Dara will be responsible for accelerating investment activities and enhancing portfolio management in India. He will report to Mr. Chan.

Mr. Dara joined Ontario Teachers’ in 2020 as Chief of Staff to the Chief Investment Officer and has been instrumental in advancing many global and cross-asset class initiatives including the organization’s five-year investment strategy, India strategy and ambition on climate action. Prior to joining Ontario Teachers’ Mr. Dara was part of the leadership team of the Boston Consulting Group’s principal investor and private equity practice.

“I am very excited to return home and to take on the role of Head of India. I look forward to working with our asset class teams and partners in the region and bringing our global expertise to bear in India. The last 12 months saw a marked growth in our investment activities in India, and I am enthusiastic about the opportunity to further build out our presence, networks and capabilities in the country,” said Mr. Dara.   

Keki Mistry, Vice Chairman & Chief Executive Officer of Housing Development Finance Corporation Limited (HDFC Ltd.), one of India’s leading financial services conglomerates, has agreed to be a Senior Advisor to Ontario Teachers’. Mr. Mistry has nearly four decades of senior leadership experience in the banking and financial services sectors.

In his global advisory role, Mr. Mistry is helping to further enhance Ontario Teachers’ market reach, providing access to a high-quality network and opportunities, and sharing guidance on market dynamics. He is not involved in the day-to-day operations of Ontario Teachers’ business.

“I’m pleased to be partnering with Ontario Teachers’, one of the world’s preeminent institutional investors. I look forward to helping Ontario Teachers’ to continue to build its network and portfolio,” said Mr. Mistry. 

“We see a breadth of attractive investment opportunities across public and private markets in India for a long-term investor like Ontario Teachers’. I am excited to work with Deepak to build out the team and continue to grow our portfolio in India,” said Mr. Chan. “I’m also delighted that Keki has agreed to come on as a Senior Advisor. He brings an exceptional depth of expertise and an invaluable understanding of the region, which will be critical as we continue to grow our business in India.” 

Scaling our investments in India

Ontario Teachers’ holds a portfolio of public and private assets totaling more than C$3 billion / INR 18,374 crore in India. Some of notable investments include:

Capital Markets

  • Edelweiss Alternate Asset Advisors (EAAA): Investment of US$350 million with EAAA, the largest private debt manager…



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Ontario Teachers’ grows presence in India with establishment of Mumbai office

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