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NIIF MASTER FUNDCore Infrastructure
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NIIF PRIVATE MARKETS FUNDAccess Indian PE/VC through
funds and co-investments -
NIIF STRATEGIC
OPPORTUNITIES FUNDDirect Growth Equity
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India-Japan FundEnvironment preservation and collaboration
between Indian and Japanese companies
NIIF Master Fund
The NIIF Master Fund is one of largest India-focused infrastructure fund.
The Fund has been established with an aim to participate in the robust Indian infrastructure story which is projected to see investments of close to USD 1.5 trillion over the next decade. The fund’s strategy is to invest in high quality businesses / assets across different core infrastructure sectors.
Our Investment Strategy
In order to construct the right portfolio from a risk-reward standpoint, the fund would invest in a mix of operating as well as greenfield opportunities. We aim to do so by building scalable platforms across different sectors either by seeding our own management teams or by partnering with reputed and like-minded operating partners. Portfolio build up is targeted to achieve optimal balance across transportation, energy, digital, and urban sub-sectors.
Given our strong governance practices and understanding of the market, we view ourselves as a preferred partner to operating / financial partners looking to invest in Indian infrastructure. These partnerships have allowed us to participate in opportunities beyond our current scale and size.
Our Differentiators-
Our understanding of the market
We are an India-focused fund with considerable experience in investing and operating infrastructure assets. Our local presence has allowed us better coverage and understanding of opportunities.
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Relationships with relevant stakeholders
Given our parentage, we have been able to establish necessary relationships and have a continued dialogue with all the relevant stakeholders including regulatory bodies, lenders, line ministries.
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Comprehensive investing solution
By working with our investors and financial partners, we are able to consolidate investments for transactions that require a sizeable equity commitment.
our investments
National Investment and Infrastructure Fund is a Category II Alternative Investment Fund registered with the Securities and Exchange Board of India (Reg No.: IN/AIF2/15-16/0194), referred to throughout this website as “NIIF Master Fund.”
Mr. Vinod Giri is the Fund Manager.
NIIF FUND OF FUNDS
Our Private Markets business provides global institutional investors a unique platform to access India’s vibrant private assets market through a mix of third-party fund managers and high-quality co-investment opportunities. Our platform provides an entry point for investors that want to benefit from India’s long-term economic growth, underpinned by strong demographics, rising incomes and discretionary spending and drive towards sustainability, inclusion and digitalisation.
With our deep relationships across the Private Equity and Venture Capital industry in India, we focus on creating a diversified portfolio of investments for our investors by partnering with best-in-class managers across sectors and investment strategies. With a primary focus on growth capital, buy-out and venture capital strategies, our goal is to provide anchor capital to our fund managers to help them attract further institutional capital for their funds. Our investing program also includes generating high quality co-investment opportunities through our fund manager relationships to provide our investors additional access to co-investments in sectors and strategies of their choice.
Our Investment Strategy
Our portfolio is carefully constructed to deliver a strong risk adjusted return with allocations across growth equity, buy-out and venture capital. We back both established and emerging fund managers with an unflinching focus on track record, team capabilities and alignment of interest, and their commitment to global standards of Environmental, Social and Governance (‘ESG’) and Diversity, Equity and Inclusion (‘DEI’). We are committed to implementing these principles across our fund investments and portfolio company investments to increase the adoption of these standards in India.
our investments
We have committed over US$550 million[1] across sectors and strategies. Our portfolio is currently a selection of 7 funds, through which we have exposure to 45+ portfolio companies. Brief details of our portfolio are as follows:
1. Commitments in US$ are provided based on exchange rate around the date of the commitment.
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VENTURE CAPITAL STRATEGIES
Technology is a defining factor driving India’s transformation. A combination of talent, entrepreneurial mindset, government’s push towards digital adoption and availability of institutional capital has catapulted India’ s start up ecosystem to make it the third largest
globally[2] . Technology-focused Venture Capital funds provide investors with access to leading technologies in areas such as AI, Robotics, health-tech, climate-tech, cyber-security etc.
VENTURE CAPITAL STRATEGIES
YOURNEST CAPITAL ADVISORS
Backing Fund III of a deep-tech and B2B SaaS-focused fund manager with INR 1,100 million (US$15 million)
The YourNest leadership team comes with complementary skill sets spanning business building, technology and leadership development – areas which are critical for successful investing in start-ups. With a track record of making, managing and realising investments from previous funds, the YourNest team has demonstrated the discipline of achieving strong distributions to investors.
NIIF Fund of Funds – Ⅰ is a Category II Alternative Investment Fund registered with Securities and Exchange Board of India (Reg No.: IN/AIF2/17-18/0527), referred to throughout this website as “NIIF Private Markets Fund”.
Mr. Anand Unnikrishnan is the Fund Manager.
In line with our commitments of investing responsibly, our investments are geared towards generating strong financial returns for our investors and driving impact for economic and social development in India.
click below to see how we are also delivering impact through our investments
NIIF STRATEGIC OPPORTUNITIES FUND
The NIIF direct growth equity fund, The NIIF Strategic Opportunities Fund (SOF) is one of the largest India-focused growth equity fund.
SOF has been established with the objective to provide 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. SOF seeks to drive accelerated value creation, leveraging the NIIF ecosystem and its unique network of shareholders and partners.
OUR INVESTMENT STRATEGY
SOF targets to invest in sectors that benefit from the changing business landscape in India as well as demonstrating intrinsic structural growth; excluding commoditized sectors, sectors lacking ESG orientation, and core infrastructure (which is invested by the NIIF Master Fund). Segmental leadership or leadership potential and sound corporate governance standards are important filters for portfolio company selection within SOF’s target sectors.
The fund invests through both active minority stakes and control-oriented/incubation deals. When investing in minority positions, SOF seeks to partner with entrepreneurs with a strong track record of value creation and robust governance and having a collaborative mindset. In control-oriented deals SOF aspires to invest in businesses managed by best-in-class management teams.
Our Differentiators
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SOF is a classic growth equity fund that is commercially and professionally managed by an investment team with extensive growth equity investing experience across several cycles. The team will leverage NIIF’s unparalleled networks and scale in India, and its strong governance frameworks, thus targeting significant value creation beyond its capital at work.
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SOF will target to create domestic champions, with large-ticket growth capital and through the institutionalization of business leadership, financial discipline, and operational excellence. For SOF’s investors, the positioning of its portfolio companies as segment leaders should provide multiple options for exit at premium valuations.
our investments
INFRASTRUCTURE
DEBT -FINANCING PLATFORM
With significant investments in Infrastructure sector in coming years in India, there is a need for specialized infrastructure financing institutions providing debt finance to the sector at scale. We aim to build an AUM of over USD 10 billion over the next 5-6 years across greenfield, brownfield and refinancing of infrastructure debt through this investment.
SOF is building a scalable integrated financial services platform to fill the gap via two complementary entities - NIIF Infrastructure Finance Limited (NIIF IFL) and Aseem Infrastructure Finance Limited (AIFL), both being non-banking finance companies. The two together constitute the NIIF Infrastructure Debt Financing Business.
SOF has invested equity at scale across these two companies to enable them to be one of the largest players in the Infrastructure Debt Financing space. We operate with strong management teams, with robust governance processes including Environment, Social and Governance (ESG) norms as part of their lending processes.
NIIF IFL provides takeout financing to operating infrastructure assets with satisfactory commercial operations, by refinancing loans originally taken for project development. This enables the original project financiers to recycle their capital.
SOF is the controlling shareholder in NIIF IFL which is now a leading NBFC-IDF (Infrastructure Debt fund) in the market. NIIF IFL is led by Sadashiv Rao, who has over 3 decades of experience in infrastructure debt finance.
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SOF incubated AIFL in 2020 to complement NIIF IFL and create an Infrastructure financing company that can lend across the project life cycle.
AIFL has since built out a strong management team led by Virender Pankaj, an infrastructure debt industry veteran and has already built a diversified portfolio across with an ambition to be among the largest players in the sector.
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MANIPAL
HOSPITALS
SOF has invested in Manipal Hospitals with the objective of providing capital at scale which is a crucial requirement for the growth of any entity in this sector. SOF’s investment in Manipal Hospital is one of the largest PE investments in the country by a domestic fund.
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. It is promoted by Dr Ranjan Pai, and the management team is led by Dilip Jose, a healthcare industry veteran of over 2 decades. It has built a strong foundation over decades in providing quality medical services and is well placed to now expand its services on a pan India basis.
SOF’s investment in Manipal Hospitals has enabled the company to consolidate with Columbia Asia Hospitals, another leading chain of hospitals in the country. Post consolidation, Manipal Hospitals has over 7,200 beds across 26 hospitals in 14 key Tier I/II markets in India – with a potential to nearly double revenues in the next 5 years. It will provide opportunities for the company to tap into large markets, expand related businesses such as pharmacy and diagnostics and also explore opportunities in the PPP segment.
National Investment and Infrastructure Fund II is a Category II 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.
India-Japan Fund
The India-Japan Fund ("IJF") is a private equity fund and NIIF’s first bilateral fund. The Fund is a strategic bilateral partnership between the Government of India (“GoI”) and Japan Bank for International Cooperation (“JBIC”), a Japanese public financial institution, both being anchor investors in the Fund. The Fund would invest in India in opportunities which would ensure environment preservation and look at opportunities to also participate with Japanese companies investing into India.
OUR INVESTMENT STRATEGY
The Fund’s investment strategy would largely be to invest, by way of primary investments, in sectors that focus on environmental preservation. This will include green sectors and traditionally high GHG emitting sectors who are proactively focusing low carbon emission strategy. Given that the theme cuts across sectors, the Fund would have a sector-agnostic strategy.
The Fund also intends to promote business collaboration between Japanese companies and Indian companies, including investing along with Japanese companies into India. This could be in the form of helping Japanese companies set up base in India, helping them execute strategic partnerships with Indian companies, co-investing with Japanese companies into Indian companies across sectors.
In order to further expand the Fund’s footprint into the target focus areas, the Fund would also evaluate investing in mid-sized climate-focused / low carbon emission strategy funds, which would enable the Fund to indirectly participate in a larger set of opportunities and thus be able to further catalyze capital into the segment
Our Differentiators
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IJF has appointed JBIC IG Partners (JBIC IG), JBIC’s investment management arm, as a service provider to the Fund. JBIC IG has experience in fund management across Asia and Europe. Given its global presence, JBIC IG will be able to bring in global perspective and recommend best practices for investment evaluation and portfolio monitoring.
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IJF will leverage the strong experience of both partners in investing, operating, and financial expertise with public and private companies.
India-Japan Fund is a Category II Alternative Investment Fund registered with Securities and Exchange Board of India (Reg No.: IN/AIF2/23-24/1324).
Mr. Krishna Kumar is the Fund Manager.