India's state-backed infra fund secures $2bn commitment from global, local investors

According to a statement from National Investment and Infrastructure Fund, the state-backed Indian firm has secured $2 billion in commitments from overseas and domestic backers. That sum exceeds half of the $3.2 billion target for its new infrastructure fund, NIIF Infrastructure Fund II.

Investors named in the statement include Australian Super, CPP Investments, Ontario Teachers' Pension Plan, Temasek Holdings, ICICI Bank and HDFC Bank. The firm, in which the Indian government holds 49%, oversees over $7 billion of equity pledges spanning infrastructure, private markets and climate deals.

Future deployments will concentrate on established areas including energy, transport and digital networks, and the fund will also branch into newer segments such as urban development and electric mobility. Separately, NIIF expects to gather $950 million in co-investment capital, which would let investors put additional money into specific Indian infrastructure deals.