The new company, Piramal Alternatives, will have assets worth Rs 11,000 crore under management. Piramal has a joint venture with Canadian pension fund manager CPPIB to provide loan to property developers. And, with CDPQ, it has a joint venture to give equity to developers. Piramal has onboarded Kalpesh Kikani as chief executive officer (CEO). Piramal recently won the bid for Dewan Housing Finance Corporation, the stressed mortgage lender, and is planning to expand its retail lending business. “While globally, alternatives assets have grown rapidly over the last 10 years to over $11 trillion, in India, the asset class has grown much faster at over a 20 per cent compound annual growth rate (CAGR), making it one of its highest growth opportunities. Our desire is to create a world class alternatives business, across multiple asset classes, that helps fill a significant deficit of long-term risk capital needed by Indian businesses. The alternatives business is another step in building a new-age and digitally-driven diversified financial services conglomerate at Piramal,” said Anand Piramal, executive director at Piramal Enterprises.