Global Infrastructure Partners (GIP) is in talks to raise $1 billion for an India-focused infrastructure fund, which will acquire operating roads, renewables, transmission and other infrastructure assets, according to Mint.
The firm said it will also explore investment opportunities in infrastructure projects such as airports, fiber optic networks and data centers for 5G roll out.
The fundraising process will commence after GIP completes the sale of Highway Concessions One, an Indian road portfolio owned by IDFC. Caisse de depot et placement du Quebec (CDPQ), the second-largest pension fund manager in Canada, recently emerged as the preferred bidder for the 472-kilometer (293-mile) road project.
It was previously locked in a competitive bidding process with the C$392 billion ($297 billion) Canada Pension Plan Investment Board.
GIP has reportedly started speaking with a few limited partners and is talking about a soft launch of the fund.
The firm entered into the Indian infrastructure market last year, after purchasing IDFC Alternatives’ infrastructure investment platform. IDFC had previously raised two infrastructure funds with an aggregate of $1.8 billion.
