A man walks past an installation of the rupee logo and Indian currency coins outside the Reserve Bank of India in Mumbai
| Photo Credit:
FRANCIS MASCARENHAS
The second Private Market Fund (PMF II) of National Investment and Infrastructure Fund (NIIF) is set to close shortly, said Finance Ministry on Monday.
This was highlighted during the meeting of the Governing Council of the NIIF under the chairmanship of Finance Minister Nirmala Sitharaman. “The GC took note of progress on NIIF’s upcoming Private Markets Fund II, which has a target corpus of $1 billion, and appreciated the fact that PMF II has successfully onboarded private investors — in line with the earlier GC guidance and is set for its first closing shortly,” said a Finance Ministry statement issued after the meeting. NIIF’s Private Markets business provides global institutional investors a platform to access India’s vibrant private assets market through a mix of third-party fund managers and high-quality co-investment opportunities.
Further, the statement said that the GC was also informed about the proposed bilateral fund currently under discussion with the US. Guidance was also provided on aspects related to strategy, successful fund raising, timely operationalisation and effective deployment. NIIF is a sovereign-linked alternative asset manager anchored by the Government of India, catalysing global capital to invest in sectors and asset classes that drive India’s growth story.
According to the statement, recognising NIIF’s growing role in mobilising capital into infrastructure and other key sectors of the Indian economy is in line with the national priorities, the GC appreciated NIIFs performance and took note of the expansion in its Assets Under Management which has increased to more than ₹30,000 crore while catalysing capital of ₹11,7000 crore. The GC was presented with an update on NIIF’s overall strategy, progress, the investment status, sector focus, performance and way forward across its four active funds: fund for infrastructure (Master Fund); the fund of funds (Private Markets Fund); fund for climate and sustainability as well as India-Japan corridor (India-Japan Fund); and the fund with focus in growth equity (Strategic Opportunities Fund).
“The GC appreciated that both Master Fund and Private Markets Fund are already 100 per cent committed, and that a part of Master Fund investments have gone into creation of greenfield assets in areas such as ports and logistics, airports, and data centres,” said the statement.
NIIF has so far made partnerships with marquee investors, including, prominent sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA) and Temasek; pension funds such as AustralianSuper, Ontario Teachers’ Pension Plan, Canada Pension Plan Investment Board (CPPIB); Multilateral Development Banks such as Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB) and New Development Bank (NDB): and strategic government counterparts such as the Japan Bank for International Cooperation (JBIC).
The GC advised NIIF to leverage its sovereign backed design and emphasised the need to professionally showcase its role and performance on the global stage and within the international investor community. The team at NIIF was advised to have a proactive approach to fund raising and the need to explore diversified sources of financing, the statement added.
Published on June 9, 2025