ADB to invest $100m in Indian wealth fund NIIF’s Fund of Funds

Aerial view of ADB headquarters. Source: ADB's Flickr stream

Manila-based multilateral funding agency Asian Development Bank (ADB) has agreed to invest up to $100 million in India’s National Investment and Infrastructure Fund’s (NIIF) Fund of Funds.

NIIF, India’s first sovereign wealth fund set up by the government in February 2015, is looking to raise about $1 billion for its fund of funds to invest in up to 10 private equity funds managed by fund managers in the country.

Its portfolio funds are expected to provide growth capital to firms across sectors, including green infrastructure, affordable housing, manufacturing, and services.

In a statement, ADB said it has joined the Indian government and the Asian Infrastructure Investment Bank (AIIB) as investors in NIIF Fund of Funds, which has now secured $700 million in commitments.

Diwakar Gupta, a vice-president for Private Sector and Public-Partnerships at ADB, said the investment comes at a time when countries globally are facing unprecedented challenges.

“ADB’s investment in NIIF Fund of Funds will help catalyze institutional capital into domestic private equity funds in India, thereby contributing to greater availability of long-term growth financing for private sector companies,” Gupta said.

NIIF Managing Director and Chief Executive Officer Sujoy Bose said ADB’s commitment is “highly meaningful” and “reflects ADB’s confidence in the continued growth and potential of the Indian economy.”

“With this capital infusion, NIIF Fund of Funds will be able to increase its support to India-focused private equity fund managers at a time when global fundraising prospects may be challenging in the short term,” Bose added.

In June 2018, AIIB had approved an equity investment of $100 million as part of NIIF FoF’s initial closing, while the New Development Bank (NDB), earlier known as the BRICS Development Bank, committed $100 million.

NIIF currently manages over $4 billion of capital commitments across three funds.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.