India $5 Billion Sovereign-Anchored Asset Manager National Investment & Infrastructure Fund (NIIF) Raised $750 Million for $1 Billion Private Markets Fund II, Private Markets Fund I Raised $600 Million & Fully Invested (40% Investments Realised), Founded in 2015 & Anchored by India Government, 4 Investments Strategies – Sustainable Infrastructure, Climate Investments, Private Markets & Growth Equity
31st March 2026 | Hong Kong
India sovereign-anchored asset manager National Investment & Infrastructure Fund (NIIF) with $5 billion AUM has raised $750 million in commitments for $1 billion Private Markets Fund II. National Investment & Infrastructure Fund (NIIF) Private Markets Fund I had raised $600 million, and is fully invested (40% investments realised). Announcement (11/3/26): “National Investment and Infrastructure Fund Limited (NIIF), India’s sovereign-anchored alternative asset manager, today announced that it has secured commitments of up to USD 750 million for its Private Markets Fund II (PMF II). PMF II, with a target of USD 1 billion, is the successor to NIIF’s USD 600 million Private Markets Fund I (PMF I), which is now fully invested and has already realised about 40% of its investments. PMF-II is anchored by the Government of India (GoI) and has obtained commitments from several institutional investors including existing investors of the Private Markets Fund-I such as the Asian Infrastructure Investment Bank (‘AIIB’) and the New Development Bank. PMF-II has also received commitments from institutional investors in Japan and India. PMF II has a multi-manager investment strategy that seeks to build a strong portfolio of funds and direct co-investments in the mid-market private equity and venture capital segment, which is relatively harder for global investors to access directly. With energy transition, healthcare, manufacturing, technology and start-ups and financial inclusion being key themes of focus, PMF-II seeks to benefit from the structural growth tailwinds that India is experiencing and deliver a market leading return to investors.” NIIF was founded in 2015 & anchored by the India government. NIIF has 4 investments strategies – Sustainable Infrastructure, Climate Investments, Private Markets & Growth Equity.
“ India $5 Billion Sovereign-Anchored Asset Manager National Investment & Infrastructure Fund (NIIF) Raised $750 Million for $1 Billion Private Markets Fund II, Private Markets Fund I Raised $600 Million & Fully Invested (40% Investments Realised), Founded in 2015 & Anchored by India Government, 4 Investments Strategies – Sustainable Infrastructure, Climate Investments, Private Markets & Growth Equity “
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Anand Unnikrishnan, Managing Partner, Private Markets: “India’s private markets represent a compelling opportunity for investors, especially in the mid-market PE and VC segment. PMF II offers global and domestic institutional investors a gateway to this fast-growing asset class through a diversified approach with strong risk-adjusted returns. We are seeing active interest to invest in the India PE/VC segment from global investors, particularly in Europe and Japan and are confident of reaching the USD 1 billion target size. We are very grateful for the support of the GoI and investors who have reposed trust in us and helped us get to this important milestone.”
National Investment & Infrastructure Fund (NIIF) – NIIF is India’s sovereign-anchored alternative asset manager, catalysing global capital to invest in sectors and asset classes that play an important role in India’s growth journey. Anchored by the Government of India in partnership with leading global investors, NIIF manages USD 5+ billion in equity capital commitments across four strategies — Infrastructure, Private Markets, Growth Equity, and Climate Investments.
Sanjiv Aggarwal, CEO – Bringing over 35 years of expertise, Mr. Aggarwal has deep experience in the infrastructure and energy sectors with a proven track record of fostering sustainable growth and investment. Before his appointment as CEO & MD of NIIF Limited in February 2024, Mr Aggarwal worked with Actis, a leading global investor in sustainable infrastructure, where he joined in 2008, and became a partner in 2010. He led Actis’ energy business in Asia and established Actis as a leading foreign investor in Indian renewables. He also started Actis’ energy investing business in South East Asia and Japan. Prior to his tenure at Actis, Mr. Aggarwal worked with Citigroup and ANZ Investment Bank in the Indian energy and infrastructure sectors. This background has equipped him with a deep understanding of the challenges and opportunities within these critical industries. Mr. Aggarwal has a B. Tech (Hons) in Mining Engineering and a distinguished alumnus award from IIT (ISM) Dhanbad (formerly Indian School of Mines, Dhanbad), as well as a PGDBM from XLRI Jamshedpur.
India $5 Billion Sovereign-Anchored Asset Manager National Investment & Infrastructure Fund (NIIF) Raised $750 Million for $1 Billion Private Markets Fund II, Private Markets Fund I Raised $600 Million & Fully Invested (40% Investments Realised), Founded in 2015 & Anchored by India Government, 4 Investments Strategies – Sustainable Infrastructure, Climate Investments, Private Markets & Growth Equity
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