Green Growth Equity Fund

The Green Growth Equity Fund (GGEF) is the first investment of NIIF’s Fund of Funds. NIIF and the UK Government have committed GBP 120 million each into the Fund. EverSource Capital, an equal joint venture between Everstone Group and Lightsource BP was selected as the fund manager for GGEF following an international selection process. Everstone Group is a premier multi-asset investment firm and Lightsource BP is a global market leader in renewable energy development and management.

GGEF will provide investors with a vehicle to invest at scale into one of the largest and most attractive clean energy markets in the world. It aims to raise GBP 500 million from international institutional investors to invest into areas such as renewable energy, clean transportation, water, sanitation, waste management, emerging technologies and similar industries in India which offer significant investment opportunities and potential for attractive returns.


The HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2) is an investment platform managed by HDFC Capital Advisors, a wholly owned subsidiary of HDFC Ltd. H-CARE 2 is the second investment of NIIF’s Fund of Funds.

HDFC Capital Advisors is one of the largest fund managers in the real estate private equity space in India and currently manages HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) and HDFC Capital Affordable Real Estate Fund 2 (H-CARE 2), both SEBI registered Category II Alternative Investment Funds.

H-CARE 2 has a total corpus of INR 42.9 billion of which INR 6.60 billion has been committed by NIIF. Other investors in the Fund include a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and HDFC Ltd.

The Fund provides mezzanine finance to developers of mid-income and affordable urban housing projects. It will help address the demand-supply gap in affordable housing and will ensure that flexible financing is provided to quality developers.