India’s NIIF gets $2 billion commitment from global, local investors

India’s state-backed infrastructure fund, National Investment and Infrastructure Fund (NIIF), has secured commitments worth $2 billion from global and domestic investors, taking the fund past half of its $3.2 billion target, according to a statement.

NIIF, India’s sovereign-backed alternative asset firm, manages more than $7 billion in equity capital commitments across infrastructure, private markets and climate investments. The Indian government owns a 49% stake in the firm.

Investors in NIIF Infrastructure Fund II include AustralianSuper, CPP Investments, Ontario Teachers’ Pension Plan, Temasek Holdings, ICICI Bank and HDFC Bank, according to the statement.

The fund will invest in core infrastructure sectors, including energy, transport and digital infrastructure. It will also expand into emerging areas such as urban infrastructure and electric mobility.

Separately, NIIF expects to raise $950 million in co-investment capital. This will allow investors to commit additional money to specific deals in the Indian infrastructure space, according to the statement.

(With inputs from Reuters)