CPPIB, Teachers join investor group putting $2-billion into India’s state-backed infrastructure fund

India’s state-backed infrastructure fund has secured commitments worth US$2-billion from global and domestic investors, representing more than half of its new fund’s US$3.2-billion target, it said in a statement.

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

The investors in NIIF Infrastructure Fund II include marquee names such as CPP Investments, Ontario Teachers’ Pension Plan, AustralianSuper, Temasek Holdings, ICICI Bank and HDFC Bank, according to the statement.

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

Separately, NIIF expects to raise US$950-million in co-investment capital, allowing investors to put in more money for specific deals in the Indian infrastructure space, according to the statement.