Asian Development Bank to invest $100 million in NIIF's fund of funds



Asian Development Bank (ADB) will now join the Government of India (GOI) and Asian Infrastructure Investment Bank (AIIB) as an investor in one of the instruments of National Investment and Infrastructure Fund (NIIF) of India.

ADB will invest $100 million equivalent in the NIIF Fund of Funds (FoF). With ADB’s investment into the NIIF platform, the FoF has now secured $700 million in commitments.

NIIF's FoF is targeted at India-focused PE fund managers who rely on international investors for large-scale fundraising as domestic institutions such as Indian pension funds and insurance companies have not been significant investors in PE funds.

"Mid-market entrepreneur-led companies are the backbone of most growth sectors in India and are responsible for millions of jobs. These companies are hungry for growth equity, and efficient allocation of capital to them, tied-in with good governance, highest environmental, and social standards and strong business principles, is an imperative," said a NIIF statement today.

NIIF FoF was established in 2018 with the objective of creating a vehicle to provide India-focused private equity fund managers with a go-to institutional investor operating at scale and based in India.
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