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.
Comments
Post a Comment