HedgeCo.Net — India’s National Investment and Infrastructure Fund said Monday it had reached a first close of about $2 billion, ?19,000 crore, on NIIF Infrastructure Fund II, more than 60 percent of a $3.2 billion, ?30,000 crore, target. VCCircle, writing from the firm’s statement, is one print. DealStreetAsia independently carried the same $2 billion first close, the same $3.2 billion target, and the same Government of India anchor.
Global names in the close include AustralianSuper, CPP Investments, Ontario Teachers’ Pension Plan, Temasek, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. Domestic backers include ICICI Bank, HDFC Bank, Axis Bank, Kotak Life Insurance, and HDFC Life Insurance. CPP Investments separately said it had committed up to ?2,070 crore, about $215 million, to the vehicle. NIIF expects to mobilise a further ?9,000 crore, about $950 million, of co-investment capital alongside the fund.
The second infrastructure book will stay in energy, transport, and digital infrastructure and add urban infrastructure and electric mobility. Fund I raised ?16,000 crore, about $2.34 billion at the time, and has completed or announced exits in renewables, roads, and smart metering. NIIF said it now manages more than $7 billion of equity commitments across infrastructure, private markets, growth equity, and climate. Sanjiv Aggarwal is managing director and chief executive; Vinod Giri is managing partner for infrastructure.
This is a first close, not a final. Mark $2 billion in the door, $3.2 billion as the target, and $215 million as the disclosed CPP line. Do not add the $950 million co-invest sleeve into fund size, and do not convert the $7 billion firm-wide figure into this vehicle. The allocator object is a sovereign-anchored India infrastructure book already past 60 percent of target on the first print.