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Stratergic Opportunities fund

Growth Equity

USD
0 M

Profits generated from Manipal Hospitals exit, one of the largest minority exits in India

USD
0 M

Capital invested

Creating domestic champions, with large-ticket growth capital
USD
0 B+

Loanbook of NBFC platforms, one of the leading infrastructure NBFCs in India

NIIF’s Strategic Opportunities Fund (SOF) is an India-focused growth equity fund. Established with the objective of providing long-term capital to high-growth future-ready businesses in India, the fund’s strategy is to build a portfolio of large entrepreneur-led or professionally managed domestic champions and unicorns.

Growth Equity

One of the largest India-focused growth equity funds

125MUSD
Profits generated from Manipal Hospitals exit, one of the largest minority exits in India
570MUSD
Assets under management
Creating domestic champions, with large-ticket growth capital
4B+USD
Loanbook of NBFC platforms, one of the leading infrastructure NBFCs in India
NIIF's Strategic Opportunities Fund (SOF) is an India-focused growth equity fund. Established with the objective of providing long-term capital to high-growth future-ready businesses in India, the fund’s strategy is to build a portfolio of large entrepreneur-led or professionally managed domestic champions and unicorns.

strategy

Through its direct growth equity strategy, NIIF aims to invest in sectors that benefit from the changing business landscape in India as well as demonstrating intrinsic structural growth; excluding commoditised sectors, sectors lacking ESG orientation, and core infrastructure. Segmental leadership or leadership potential along with sound corporate governance standards are important filters for portfolio company selection within target sectors.

The fund invests through both active minority stakes and control-oriented/incubation deals. When investing in minority positions, NIIF seeks to partner with entrepreneurs with a strong track record of value creation, robust governance standards and a collaborative mindset. In control-oriented deals, NIIF aspires to invest in businesses managed by best-in-class management teams.

NIIF has invested across sectors including:

01
New Age Manufacturing
02
Financial Services
03
Healthcare

vision

Build a professionally managed pan-India portfolio of road assets.

strategy & APPROACH

India has the second largest road network globally. Road sector is the foundation of a country’s economy and hence the Government’s continued focus on development of public-private partnership for building & improving the country’s road network. Through Athaang, our proprietary roads platform, we are well-poised to lead this industry growth leveraging our management’s sectoral expertise, proven in-house operation & maintenance capabilities, technologically led efficient processes and ethically conscious governance standards. Having already acquired two strategic operational toll road assets in the southern part of the country, Athaang shall continue to deliver on its disciplined M&A and post-takeover asset turnaround strategy building a diversified portfolio of toll, annuity & HAM assets requiring both greenfield & brownfield expansion.

vision2

Build a professionally managed pan-India portfolio of road assets.

strategy & APPROACH

India has the second largest road network globally. Road sector is the foundation of a country’s economy and hence the Government’s continued focus on development of public-private partnership for building & improving the country’s road network. Through Athaang, our proprietary roads platform, we are well-poised to lead this industry growth leveraging our management’s sectoral expertise, proven in-house operation & maintenance capabilities, technologically led efficient processes and ethically conscious governance standards. Having already acquired two strategic operational toll road assets in the southern part of the country, Athaang shall continue to deliver on its disciplined M&A and post-takeover asset turnaround strategy building a diversified portfolio of toll, annuity & HAM assets requiring both greenfield & brownfield expansion.

vision3

Build a professionally managed pan-India portfolio of road assets.

strategy & APPROACH

India has the second largest road network globally. Road sector is the foundation of a country’s economy and hence the Government’s continued focus on development of public-private partnership for building & improving the country’s road network. Through Athaang, our proprietary roads platform, we are well-poised to lead this industry growth leveraging our management’s sectoral expertise, proven in-house operation & maintenance capabilities, technologically led efficient processes and ethically conscious governance standards. Having already acquired two strategic operational toll road assets in the southern part of the country, Athaang shall continue to deliver on its disciplined M&A and post-takeover asset turnaround strategy building a diversified portfolio of toll, annuity & HAM assets requiring both greenfield & brownfield expansion.

vision4

Build a professionally managed pan-India portfolio of road assets.

strategy & APPROACH

India has the second largest road network globally. Road sector is the foundation of a country’s economy and hence the Government’s continued focus on development of public-private partnership for building & improving the country’s road network. Through Athaang, our proprietary roads platform, we are well-poised to lead this industry growth leveraging our management’s sectoral expertise, proven in-house operation & maintenance capabilities, technologically led efficient processes and ethically conscious governance standards. Having already acquired two strategic operational toll road assets in the southern part of the country, Athaang shall continue to deliver on its disciplined M&A and post-takeover asset turnaround strategy building a diversified portfolio of toll, annuity & HAM assets requiring both greenfield & brownfield expansion.

vision5

Build a professionally managed pan-India portfolio of road assets.

strategy & APPROACH

India has the second largest road network globally. Road sector is the foundation of a country’s economy and hence the Government’s continued focus on development of public-private partnership for building & improving the country’s road network. Through Athaang, our proprietary roads platform, we are well-poised to lead this industry growth leveraging our management’s sectoral expertise, proven in-house operation & maintenance capabilities, technologically led efficient processes and ethically conscious governance standards. Having already acquired two strategic operational toll road assets in the southern part of the country, Athaang shall continue to deliver on its disciplined M&A and post-takeover asset turnaround strategy building a diversified portfolio of toll, annuity & HAM assets requiring both greenfield & brownfield expansion.

vision6

Build a professionally managed pan-India portfolio of road assets.

strategy & APPROACH

India has the second largest road network globally. Road sector is the foundation of a country’s economy and hence the Government’s continued focus on development of public-private partnership for building & improving the country’s road network. Through Athaang, our proprietary roads platform, we are well-poised to lead this industry growth leveraging our management’s sectoral expertise, proven in-house operation & maintenance capabilities, technologically led efficient processes and ethically conscious governance standards. Having already acquired two strategic operational toll road assets in the southern part of the country, Athaang shall continue to deliver on its disciplined M&A and post-takeover asset turnaround strategy building a diversified portfolio of toll, annuity & HAM assets requiring both greenfield & brownfield expansion.

NIIF’s Strategic Opportunities Fund (SOF) is a classic growth equity fund managed by an investment team with extensive investing experience across several cycles. The team leverages NIIF’s networks and scale in India, and its strong governance frameworks, targeting significant value creation.

NIIF aims to create domestic champions, with large-ticket growth capital and through the institutionalisation of business leadership, financial discipline, and operational excellence. For investors, the positioning of portfolio companies as segment leaders provides multiple options for exit at premium valuations.

OUR DIFFERENTIATORS

Expert-led growth equity
Building domestic champions

strategy

Through its direct growth equity strategy, NIIF aims to invest in sectors that benefit from the changing business landscape in India as well as demonstrating intrinsic structural growth; excluding commoditised sectors, sectors lacking ESG orientation, and core infrastructure. Segmental leadership or leadership potential along with sound corporate governance standards are important filters for portfolio company selection within target sectors.

The fund invests through both active minority stakes and control-oriented/incubation deals. When investing in minority positions, NIIF seeks to partner with entrepreneurs with a strong track record of value creation, robust governance standards and a collaborative mindset. In control-oriented deals, NIIF aspires to invest in businesses managed by best-in-class management teams.

NIIF has invested across sectors including:

VISION

Build a professionally managed pan-India portfolio of road assets.

STRATEGY AND APPROACH

As part of its vision to transition to a more sustainable economy, the Government of India has committed to a 450 GW renewables capacity by 2030. This would mean quintupling our existing capacity and would require implementation at scale. Our investment in Ayana is envisaged to make a meaningful contribution to this energy transformation by developing and managing utility-scale renewable power projects across India.
We envision Ayana to expand into sustainable energy adjacencies such as battery storage, green hydrogen etc. to provide comprehensive energy supply solutions to buyers.

PARTNERSHIPS

We have partnered with other likeminded investors, CDC and EverSource on the Ayana investment.

VISION

End-to-end integrated multimodal logistics service provider of choice for customers across India fulling their EXIM and domestic logistics requirements at the lowest cost.

STRATEGY AND APPROACH

India’s logistics cost (as a percent of the GDP) continues to remain high amongst the major global economies with a highly fragmented and an inefficient supply chain. With the Government of India working towards making India a $5tn economy by 2025 – it is imperative to have a strong logistics value chain to serve the rapidly growing demand with a focus on improving the ease-of-doing-business in India.
Under HIPL, we seek to capture this growth by developing a pan-India network of high-quality logistics infrastructure assets overlaid with a strong digital backbone to provide a seamless solution to end-customers. HIPL offers a strong proposition to customers through diversified offerings across multiple modes (rail, road, riverine, air) and commodities (containers, bulk, etc) with various solutions (inland container depots, private freight terminals, free-trade warehousing zones, warehousing, express, and contract logistics, ports, and terminals).

PARTNERSHIP

DP World, our joint venture partner in HIPL, is amongst the largest container terminal operators globally and the largest player (by volume) in the Indian container market.

VISION

Build a professionally managed pan-India portfolio of road assets.

STRATEGY AND APPROACH

India has the second largest road network globally. Road sector is the foundation of a country’s economy and hence the Government’s continued focus on development of public-private partnership for building & improving the country’s road network. Through Athaang, our proprietary roads platform, we are well-poised to lead this industry growth leveraging our management’s sectoral expertise, proven in-house operation & maintenance capabilities, technologically led efficient processes and ethically conscious governance standards.
Having already acquired two strategic operational toll road assets in the southern part of the country, Athaang shall continue to deliver on its disciplined M&A and post-takeover asset turnaround strategy building a diversified portfolio of toll, annuity & HAM assets requiring both greenfield & brownfield expansion.

OUR DIFFERENTIATORS

NIIF’s Strategic Opportunities Fund (SOF) is a classic growth equity fund managed by an investment team with extensive investing experience across several cycles. The team leverages NIIF’s networks and scale in India, and its strong governance frameworks, targeting significant value creation.

NIIF aims to create domestic champions, with large-ticket growth capital and through the institutionalisation of business leadership, financial discipline, and operational excellence. For investors, the positioning of portfolio companies as segment leaders provides multiple options for exit at premium valuations.

Ather
Energy
INVESTMENT
375Cr+ INR
(~45M USD)
OVERVIEW
NIIF’s investment in Ather Energy represented its first direct investment in the manufacturing sector and in electric mobility, both areas of national importance given India’s green mission and decarbonisation goals. Ather Energy is one of the key players in the electric two-wheeler industry in India with highly indigenised products and a high degree of domestic sourcing of components and adaptability to Indian conditions. Ather Energy’s founders and management team have developed deep expertise in the industry, a robust IP portfolio, industry leading technology stack and strong manufacturing and distribution capabilities. Ather has installed around 2000 fast chargers across India and has 200+ experience centres in India.
Infrastructure
Debt-Financing
Platform
INVESTMENT IN ASEEM
1418Cr+ INR
(~169M USD)
INVESTMENT IN NIIF IFL
881Cr+ INR
(~105M USD)
COMBINED LOANBOOK
38000Cr+ INR
(~4.4B USD)
OVERVIEW
NIIF is building a scalable integrated financial services platform to provide debt finance to the infrastructure sector at scale via two complementary entities—NIIF Infrastructure Finance Limited (NIIF IFL) and Aseem Infrastructure Finance Limited (AIFL)—both non-banking finance companies. Together, they constitute the NIIF Infrastructure Debt Financing Business.
With a combined loan book of USD 4+ billion, the NIIF Infrastructure Debt Financing Business is one of the fastest-growing NBFC platforms in India, with strong growth and nil Gross NPAs. Over 50% of the loan book is invested in renewables and other green assets, reflecting the platform’s significant focus on green energy. Their strong management teams and robust ESG governance help drive sustainable growth and strong performance.

Manipal
Hospitals
INVESTMENT
2100Cr+ INR
(~250M USD)
OVERVIEW
NIIF’s investment in Manipal Hospitals represented one of the largest PE investments in the country by a domestic fund. NIIF exited Manipal Hospitals in the top private equity exit of 2023. The Fund generated profits of INR 1,046 crores (USD125 million as per the exchange rate at the time of the transaction), making it one of the largest minority exits in India in terms of absolute profits over the last two years.
Broader outreach of quality healthcare services across the country continues to be a critical requirement in India. Manipal Hospitals is one of the leading hospital chains in the country, focused on tertiary and quaternary care. NIIF’s investment in Manipal Hospitals enabled the company to consolidate with Columbia Asia Hospitals, another leading chain of hospitals in the country. Post consolidation, Manipal Hospitals had over 7,200 beds across 26 hospitals in 14 key Tier I/II markets in India.
New Age Manufacturing
OVERVIEW
NIIF’s investment in Ather Energy represented its first direct investment in the manufacturing sector and in electric mobility, both areas of national importance given India’s green mission and decarbonisation goals. Ather Energy is one of the key players in the electric two-wheeler industry in India with highly indigenised products and a high degree of domestic sourcing of components and adaptability to Indian conditions. Ather Energy’s founders and management team have developed deep expertise in the industry, a robust IP portfolio, industry leading technology stack and strong manufacturing and distribution capabilities. Ather has installed around 2000 fast chargers across India and has 200+ experience centres in India.
Financial Services
OVERVIEW
NIIF is building a scalable integrated financial services platform to provide debt finance to the infrastructure sector at scale via two complementary entities—NIIF Infrastructure Finance Limited (NIIF IFL) and Aseem Infrastructure Finance Limited (AIFL)—both non-banking finance companies. Together, they constitute the NIIF Infrastructure Debt Financing Business.

With a combined loan book of USD 4+ billion, the NIIF Infrastructure Debt Financing Business is one of the fastest-growing NBFC platforms in India, with strong growth and nil Gross NPAs. Over 50% of the loan book is invested in renewables and other green assets, reflecting the platform’s significant focus on green energy. Their strong management teams and robust ESG governance help drive sustainable growth and strong performance.
Healthcare
OVERVIEW
NIIF’s investment in Manipal Hospitals represented one of the largest PE investments in the country by a domestic fund. NIIF exited Manipal Hospitals in the top private equity exit of 2023. The Fund generated profits of INR 1,046 crores (USD125 million as per the exchange rate at the time of the transaction), making it one of the largest minority exits in India in terms of absolute profits over the last two years.

Broader outreach of quality healthcare services across the country continues to be a critical requirement in India. Manipal Hospitals is one of the leading hospital chains in the country, focused on tertiary and quaternary care. NIIF’s investment in Manipal Hospitals enabled the company to consolidate with Columbia Asia Hospitals, another leading chain of hospitals in the country. Post consolidation, Manipal Hospitals had over 7,200 beds across 26 hospitals in 14 key Tier I/II markets in India.
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National Investment and Infrastructure Fund Il is a Category I| Alternative Investment Fund registered with Securities and Exchange Board of India (Reg No.: IN/AIF2/17-18/0526), referred to throughout this website as “NIIF Strategic Opportunities Fund”. Mr. Padmanabh Sinha is the Fund Manager.

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