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The National Investment and Infrastructure Fund (NIIF), backed by the government, is set to raise $2 billion through its first private credit fund, making it the largest such vehicle in India. The NIIF is in the initial stages of engaging with sovereign investors to secure their participation in the fund.

The credit fund will primarily focus on performing credit and aims to attract capital from international investors to be invested in the Indian economy. The goal is to offer significant co-investment opportunities to international limited partners (LPs) interested in large-scale deals.

Established in 2016, the NIIF operates across four asset classes, including infrastructure and the energy transition segment within its climate business. The fund is anchored by the Indian government, with key international investors such as Canada's Ontario Teachers' Pension Plan, Australia's AustralianSuper, the UAE's Abu Dhabi Investment Authority (ADIA), and Singapore's Temasek.

Currently, the NIIF manages four distinct funds: the NIIF Master Fund, the Strategic Opportunities Fund (SOF), the India-Japan Fund, and the Private Markets Fund (PMF). Together, these funds manage around $4.4 billion in equity capital commitments. The Master Fund focuses on infrastructure projects, while the SOF targets both minority and control investments in local companies. The India-Japan Fund specializes in climate-related investments, and the PMF supports private equity and venture capital funds. The NIIF is also in the process of raising its second PMF vehicle, aiming for a $1 billion target corpus.

News source: VCCircle