Private debt means debt given to privately held companies or buying those loans in the secondary market. : Global investors such as the Canada Pension Plan Investment Board (CPPIB), Ontario Teachers’ Pension Plan, Baring Private Equity (PE) Asia, and Värde Partners are flocking to Indian private debt because they expect huge demand for credit in the country after the onslaught of the Covid-19 pandemic and limited lending by Indian banks and non-banking financial companies (NBFCs).