National Investment and Infrastructure Fund announces final close of Master Fund at $2.34 billion

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The National Investment and Infrastructure Fund (NIIF) on December 21 announced that it completed raising funds for its NIIF Master Fund, achieving a size of $2.34 billion, exceeding its target of $2.1 billion.

Top investors include Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment manager, US International Development Finance Corporation (DFC), the United States government’s development finance institution, and existing investor Axis Bank, who together invested $107 million.

These investments mark the fifth and final close of the NIIF Master Fund, as per the company statement.

Existing investors in the fund are the Government of India (GoI), Abu Dhabi Investment Authority (ADIA), AustralianSuper, CPP Investments, Ontario Teachers’ Pension Plan, Temasek, HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank – DFC and PSP now join them as shareholders of NIIF.

Further, international investors have rights to co-invest an additional $3 billion alongside the Fund.

NIIF Master Fund primarily invests in operating assets in core infrastructure sectors such as energy and transportation. It manages over $4.4 billion of equity capital commitments across its three funds—Master Fund, Fund of Funds and Strategic Opportunities Fund, each with its distinct investment strategy.  It has successfully anchored platforms in ports and logistics, renewable energy, smart meters and roads sectors.

A collaborative investment platform for international and Indian investors, anchored by the Government of India and as the largest domestic infrastructure equity fund, NIIF is well-positioned to invest at scale in large infrastructure projects strategic to India’s development.