The fresh commitment builds on the pension fund’s A$240 million investment made in 2019, as it expands its India portfolio spanning infrastructure, equities and private markets ahead of Prime Minister Narendra Modi’s meeting with Australian business leaders.
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Australia’s largest pension fund, AustralianSuper, said on Thursday it would invest a further A$500 million ($346 million) in the National Investment and Infrastructure Fund (NIIF).
The fund said the investment would come on top of the A$240 million it committed seven years ago. AustralianSuper will now hold A$3.3 billion worth of investments in India.
Prime Minister Narendra Modi is in Melbourne and will be meeting with Australian CEOs at a business forum on Thursday.
The NIIF was created in 2015 to attract global investment into the country’s infrastructure development.
AustralianSuper said its original NIIF investment had been one of the fund’s best performing infrastructure investments.
The fund’s existing Indian holdings range across infrastructure, equities and private market investments.
AustralianSuper has A$410 billion worth of funds under management.