TPG, through its climate investing platform TPG Rise Climate, has agreed to acquire a 100% stake in India’s Aseem Infrastructure Finance, alongside co-investor partners GIC and ICICI Bank.
ICICI Bank will hold up to 5% in the target company, per an announcement.
Aseem was founded in 2020 by the National Investment and Infrastructure Fund (NIIF) and remained a majority shareholder in the company. The Government of India and SMBC Japan are minority shareholders.
The transaction represents a full exit for all three of Aseem’s shareholders, with the Government of India and SMBC Japan selling their minority stakes alongside NIIF in the 100% sale.
NIIF’s stake in Aseem was held through its Strategic Opportunities Fund, the firm’s growth equity vehicle.
Aseem marks the third major exit from the fund, following Manipal Hospitals, the Bengaluru-headquartered hospital chain, and Ather Energy. The fund’s only remaining investment is NIIF IFL.
Company officials declined to share details on the fund’s expected DPI.
Headquartered in Mumbai, Aseem is a sustainable infrastructure debt financier with a core focus on renewable energy, power transmission and other infrastructure assets in India. It has disbursed over Rs 40,000 crore in loans across critical infrastructure sectors, funding over 27 GW of renewable energy projects and about 2,000 ckm of power transmission projects, cumulatively abating 33 million tonnes of greenhouse gas emissions.
“Aseem’s growth journey reflects NIIF’s ability to incubate and scale institutional-grade platforms, with strong profitability, governance and asset quality. This transaction underscores growing global investor confidence in India’s sustainable infrastructure and climate financing market,” said Nilesh Shrivastava, Partner, Growth Equity, at NIIF.
As the Indian government’s target is to reach 500 GW of renewable energy capacity by 2030, blended finance has played a key role in accelerating the capital architecture essential to develop bankable infrastructure projects.
TPG Rise Climate’s Global South Initiative itself has the blended structure, with catalytic capital commitment from ALTÉRRA, the world’s largest climate investing fund.
TPG said in September 2024 that the Global South Initiative had raised $1.25 billion in commitments, targeting a fund size of $2.5 billion.
The International Finance Corporation and the Asia Infrastructure Investment Bank are among the fund’s investors, each having recently approved a $100 million investment.
The initiative will seek climate-focused opportunities mainly in India, Southeast Asia, the Middle East and Africa.
In an earnings call earlier this year, TPG said it expected to close several vehicles in the Rise strategy this year, including Rise Climate Fund II, which had raised over $6.6 billion by the end of 2025.
The TPG Rise Climate platform has invested in other Indian firms, including Tata EV and Tata Technologies.
