India’s infra-focused wealth fund NIIF closes master fund at $2.3b, floats new vehicle

Photo: Reuters

India’s National Investment and Infrastructure Fund Limited (NIIFL) has closed its NIIF Master Fund at $2.3 billion, exceeding its target of $2.1 billion.

Besides, it is also set to launch the fundraising for its new vehicle — NIIF Strategic Opportunities Fund (SOF), which has a target size of $2.1 billion.

The fund marked the fifth and final close after receiving capital commitments worth $107 million from The Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, US International Development Finance Corporation (DFC), and existing investor Axis Bank, NIIFL said in a statement on Monday.

International investors have rights to co-invest an additional $3 billion alongside the fund. DFC and PSP will join the other investors of the Master Fund as shareholders of NIIF Ltd, the investment manager, the statement added.

“DFC’s investment will support the growth and development of a key partner in the Indo-Pacific and allow DFC to facilitate investment in strategic infrastructure projects throughout India,” said DFC chief executive officer, Adam Boehler.

Other investors in the fund include the government of India (GoI), Abu Dhabi Investment Authority (ADIA), AustralianSuper, CPP Investments, Ontario Teachers’ Pension Plan, Temasek, HDFC Group, ICICI Bank, and Kotak Mahindra Life Insurance.

Commenting on the new vehicle, Sujoy Bose, Managing Director and CEO, NIIF, said, “SOF will become one of the largest India-focused private equity funds, which will enable the fund to operate at a unique scale in sectors that offer significant growth opportunities.”

The NIIF Master Fund primarily invests in operating assets in core infrastructure sectors, primarily transportation and energy. The fund has anchored platforms in ports and logistics, renewable energy, smart meters and roads sectors.

NIIF Limited manages over $4.4 billion of equity capital commitments across its three funds — Master Fund, Fund of Funds, and Strategic Opportunities Fund.

Singapore Reporter/s

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

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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.