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.

NIIF has invested INR 6.60 billion in H-CARE 2. Other investors in the Fund include a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and HDFC Ltd.

The Fund provides structured debt solutions 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 options are provided to quality developers.

Multiples Private Equity Fund III

Multiples Private Equity Fund III (Fund III), is a Category II AIF Mid-market growth equity fund managed by Mumbai based investment manager – Multiples Alternate Asset Management Pvt. Limited (Multiples).

Multiples is a leading home-grown investment manager in the mid-market space with a strong track record of successfully raising, deploying and delivering returns to its investors over the last decade. During this period, it has advised / managed two prior funds with aggregate commitments of ~USD 1 billion for a similar strategy.

NIIF has committed INR 8,780 million at first close of Fund III. The fund has also seen participation from certain large marquee investors such as multilateral development banks and pension funds, resulting in significant capital being catalyzed for the capital starved mid-market segment.

The fund will enable provision of equity capital into the Indian mid-market segment allowing them to scale-up over a period of time. A large portion of the capital is expected to be channeled into sectors that have potential for strong returns as well as high direct and indirect development impact.

Somerset Indus Healthcare India Fund

Somerset Indus Healthcare India Fund (“Fund II”), managed by Somerset Healthcare Investment Advisors Private Limited (“Somerset”), is an independent India-dedicated fund manager with the mandate to make investments in SME companies in the Indian healthcare sector. Somerset is an upcoming fund manager that has demonstrated the ability to generate commercial returns by backing businesses that provide affordable and quality healthcare solutions.

NIIF’s commitment will enable provision of equity capital into small to medium sized companies run by capable local entrepreneurs, allowing them to scale-up over a period of time while also having a large developmental impact. Some of the sub-sectors within the healthcare ecosystem where the Fund would seek to invest include: Healthcare Delivery, Diagnostics, Medical Equipment and Pharma Distribution.

NIIF has helped catalyze the final close of Fund II with a commitment of INR 1,250 million, partnering with global and domestic investors.