The Ontario Teachers’ Pension Plan (OTPP) has hired Carlyle director Rahul Mukim for a senior position in its India private equity (PE) team.

Deepak Dara, an existing fund executive, was named senior managing director and India head by OTPP in September. He is expected to take over in early 2023.

The Ontario Teachers Association did not respond to requests for comment. Mukim and Carlyle did not respond to requests for comment. According to the people cited above, OTPP is looking to expand its healthcare portfolio in India, particularly after purchasing a majority stake in Sahyadri Hospitals in August.

The pension fund has previously invested in Indian funds such as Kedaara Capital and Chrys Capital, but it is now attempting to build a direct and co-investment India portfolio. It has made investments in infrastructure, private credit, and private equity. In an interview in September, OTPP president Jo Taylor stated that the firm is looking to expand its portfolio in India over the next 3-7 years, with a focus on infrastructure, healthcare, credit, and technology enabled businesses.

Mahindra Susten, National Highways Infrastructure Trust, and Daily Hunt parent Verse Innovations are among the most recent investments.

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