OTPP hires Rahul Mukim for India investments
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OTPP hires Rahul Mukim for India investments

OTPP hires Rahul Mukim for India investments
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Ontario Teachers’ Pension Plan (OTPP) has hired Carlyle director Rahul Mukim for a senior role in its India private equity team, two people aware of the development said.

“Mukim is expected to look at India investments, with a focus on healthcare,” one of the people cited above said, on condition of anonymity. Mukim will currently report to Amit Sobti, a director based in Singapore.

In September, OTPP said it had appointed an existing fund executive Deepak Dara as senior managing director and its India head, who is expected to take over in early 2023. 

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Ontario Teachers didn’t respond to requests for comment. Mukim and Carlyle declined to comment.  OTPP is looking to expand its healthcare portfolio in India, especially after buying a majority stake in Sahyadri Hospitals in August, said the people cited above. 

The pension fund has invested in other Indian funds such as Kedaara Capital and Chrys Capital but is now seeking to build a direct and a co-investment India portfolio. It has invested across asset classes such as infrastructure, private credit and private equity. In September, OTPP president Jo Taylor said in an interview that the firm is keen to expand its portfolio in India over the next 3-7 years and is looking at infrastructure, healthcare, credit and tech enabled businesses in India.

More recent investments include Mahindra Susten Pvt ltd, National Highways Infrastructure Trust, Daily Hunt parent Verse Innovations. 

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Mukim holds a Post graduate diploma from Indian Institute of Management, Lucknow, and previously worked with ICICI Venture and Olympus Capital before joining Carlyle. Earlier, he held an advisory role at EY. 

Other Canadian pension funds such as CPPIB and CDPQ have also ramping up their India-focussed teams.

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