The New Development Bank (NDB) has committed $100 million to the National Investment and Infrastructure Fund (NIIF) Fund of Funds (FoF), bringing it to $800 million in capital commitments.
This represents NDB’s first equity investment into India and its first-ever investment into a fund of funds.
The fund of funds was established in 2018 to provide Indian private-equity fund managers access to an India-focused institutional investor that operates at scale. NIIF said the fund of funds provides an opportunity for global institutional investors to build a portfolio of growth-focused funds in India and selectively co-invest into a wide range of investment opportunities.
“With the Indian economy well on the path to recovery from the COVID-19 induced slowdown, the Indian private equity sector is expected to be a major provider of equity capital for the continued long-term growth of businesses,” said Sujoy Bose, managing director and CEO of NIIF. “The FoF provi