India’s National Investment and Infrastructure Fund has hit a roughly $2B first close for its second infrastructure fund, with the government and global institutional investors backing the vehicle.
The vehicle pulled in Rs 19,000 crore (roughly $2B), more than 60% of its Rs 30,000 crore goal, in what NIIF calls the biggest first close for an Indian infrastructure fund yet.
Participants span the Indian government plus domestic and international institutions. Reports name Temasek and HDFC Bank among the participants, with the fund also drawing commitments from global limited partners.
The new vehicle extends NIIF’s push into Indian infrastructure, a segment where the state-backed manager has been a lead investor alongside private players, channeling sovereign wealth and multilateral capital into long-cycle projects.
The raise comes as India’s infrastructure spending cycle accelerates, with the government leaning on blended public-private vehicles to fund transport, energy and digital buildouts. A crowded emerging-market fundraising environment has not dented appetite for the fund, which still has room to grow toward its full Rs 30,000 crore target.
