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The National Investment & Infrastructure Fund (NIIF), India’s largest domestic infrastructure fund that includes several global investors, including the Abu Dhabi Investment Authority (ADIA), is looking to raise $4 billion to fund infrastructure projects in the Asian country.
According to Bloomberg, the fund is looking to raise money as early as next year, citing people familiar with the matter asking not to be named.
The new fund is expected to be much larger than the Master Fund, which closed in December 2020 with $2.34 billion, the news agency added, with a new chief executive expected to be appointed to lead the fund.
Bloomberg also quoted a source saying that NIIF is also raising capital for its private markets fund and will consider a new private equity fund after the infrastructure fundraise.
Aside from ADIA, other investors associated with the fund include Singapore’s Temasek Holdings Pte. and AustralianSuper, along with Indian lenders HDFC Bank Ltd., ICICI Bank Ltd. and Axis Bank Ltd.
NIIF expects to collect more capital as co-investment commitments from its backers in this fundraise, Bloomberg added, citing a source.
(Writing by Bindu Rai, editing by Seban Scaria)