The government-backed National Investment & Infrastructure Fund (NIIF) is planning to raise a $2 billion private credit fund, which would be India's largest such vehicle, according to its CEO Sanjiv Aggarwal.
The fund, anchored by the government, is in early discussions with sovereign investors to secure participation.
"It is anchored by the Indian government and conversations are happening with a few sovereigns to see if they will come in," said Aggarwal during a panel at the Indian Venture and Alternate Capital Association Conclave in Mumbai on Wednesday.
The fund will focus on performing credit, aiming to channel international capital into the Indian economy.
"The objective is to mobilise international capital, and to invest it in the Indian economy. We want to offer large co-investments to our LPs because we want to do large deals and LPs who are our clients, also want to do large deals," said Aggarwal.
NIIF, established in 2016, operates across four asset classes including infrastructure and a climate business operating in the energy transition space.
NIIF is 49 per cent owned by the Indian government, while 51 per cent is owned by sovereign wealth and pension funds such as Canada's Ontario Teachers' Pension Plan, Australia's AustralianSuper, the UAE's Abu Dhabi Investment Authority and Singapore's Temasek.
-- Jaden Mathew Paul/Business Standard
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