On Monday, the National Investment and Infrasture Fund Ltd (NIIF) has received a commitment of about $100 million from the Asian Development Bank (ADB) into the NIIF Fund of Funds (FoF). With ADB’s investment into the NIIF platform, the total commitments towards the FoF stand at $700 million, which includes investment pledges from the government and Asian Infrastructure Investment Bank (AIIB), NIIF said in a press statement.
In June 2018, Asian Infrastructure Investment Bank (AIIB) had approved an equity investment of $100 million as part of FoF’s initial closing, committing a further investment of $100 million as part of phase II for the final closing.
The Fund of Funds is mandated to invest as an anchor investor in third party fund managers. It can also selectively form joint ventures with fund managers.
‘ADB’s commitment to NIIF Fund of Funds during these extraordinary and challenging times is highly meaningful. It reflects ADB’s confidence in the continued growth and potential of the Indian economy, its skilled private equity fund managers and the large pool of determined entrepreneurs who seek capital to grow and strengthen their companies,’ said Sujoy Bose, managing director and chief executive officer of NIIF.
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