As per the deal, the CPPIB has committed $150 million in the NIIF Master Fund, with co-investment rights of up to $450 million in future opportunities to invest alongside the NIIF Master Fund.
Canada Pension Plan Investment Board (CPPIB) on December 5 said it will invest up to $600 million in India through the National Investment and Infrastructure Fund (NIIF).
CPPIB will invest $150 million in the NIIF Master Fund, with co-investment rights of up to $450 million in future opportunities to invest alongside the NIIF Master Fund.
"We are delighted to welcome CPPIB as an investor in the NIIF Master Fund and as a shareholder in our investment management company," said Sujoy Bose, Managing Director and Chief Executive Officer of NIIF.
With this agreement, the CPPIB has joined the long list of investors in the NIIF Master Fund, along with the Government of India. Other investors of the fund are Abu Dhabi Investment Authority, AustralianSuper, Ontario Teachers’ Pension Plan, Temasek, Axis Bank, HDFC Group, ICICI Bank and Kotak Mahindra Life Insurance.
"With this fourth close of the NIIF Master Fund, we are pleased that the fund has achieved its initial target size of $2.1 billion with domestic and international investors of the highest reputation and quality," Bose added.
The CPPIB will also become a shareholder in National Investment and Infrastructure Fund Limited, the NIIF’s investment management company, with its latest commitment."The opportunity to invest in, and alongside, NIIF complements our existing direct investment strategy in Indian infrastructure," said Scott Lawrence, Managing Director, Head of Infrastructure, CPPIB.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.