India
The National Infrastructure Investment Fund (NIIF) is a fund manager that invests in infrastructure and related sectors in India. An institution anchored by the Government of India, NIIF is a collaborative investment platform for international and Indian investors with a mandate to invest equity capital in domestic infrastructure. NIIF benefits from its association with the Government yet is independent in its investment decisions being majority-owned by institutional investors and managed professionally by a team with experience in investments and infrastructure. NIIF aims to make commercial investments in the sector at scale. NIIF manages over US$4.5 billion of capital commitments across three funds, each with its distinct investment strategy. The funds have investment mandates to invest in infrastructure assets and related businesses that are likely to benefit from the long-term growth trajectory of the Indian economy.
The Government of India has committed US$3 billion as 49% across all NIIF funds. For the balance 51%, NIIF solicits investments from large global institutional investors such as ADIA, Temasek, Ontario Teachers and Australian Super, multi-laterals such as AIIB and Indian domestic financial institutions such as HDFC, Kotak Mahindra Bank, Axis Bank and ICICI Bank.
NIIF manages capital invested currently through three funds:
- NIIF Master Fund: focuses on core infrastructure and operating assets. It is the largest infrastructure fund in India with commitments of over US$1.8 billion and a co-investment pool of US$2.6 billion. It has a target size of US$2.1 billion.
- NIIF Fund of Funds: invests in funds managed by third-party managers in infrastructure and associated sectors. It has commitments of US$600 million with a target size of US$1 billion
- NIIF Strategic Opportunities Fund: invests and develops large scale businesses and greenfield projects that are of strategic importance to the country. It has a target size of US$3 billion.
Note: All funds are INR funds. The figures mentioned are in USD with a conversion ratio of 1 US$= INR 65 for ease of reference.
