This preliminary shut marks a big enhance in contrast with the debut fund, PMF I, which raised $600 million in 2019.
This week, the New Growth Financial institution (NDB), a Shanghai-based multilateral improvement financial institution established by the BRICS nations—Brazil, Russia, India, China, and South Africa—dedicated $100 million to PMF II. The Asian Infrastructure Funding Financial institution (AIIB), which had backed PMF I, additionally reaffirmed its help with a $125 million dedication in Might.
The federal government will stay the one largest investor in PMF II, contributing 49% of the whole capital.
ET first reported in April final yr in regards to the launch of $1-billion PMF II.
The Non-public Markets Fund is devoted to supporting India-focused personal fairness and enterprise capital funds. With a goal dimension of $1 billion, PMF II goals to speculate throughout key progress sectors, together with electrical automobile (EV) infrastructure, waste administration, city and social infrastructure, expertise, manufacturing, and their related provide chains.Mirroring the construction of PMF I, PMF II plans to construct a diversified portfolio comprising roughly 15 funds in addition to direct investments in firms. About 75% of the fund's capital might be allotted to progress and enterprise capital funds, with the remaining 25% invested instantly into Indian enterprises, added sources.Since its inception, PMF I has deployed $600 million throughout 60 firms by way of 9 portfolio funds. It has backed notable funds akin to Multiples PE (owned by Renuka Ramnath), Lighthouse India, Invascent, Eversource Capital, Somerset Healthcare, Arpwood Companions, Yournest Capital Advisors, HDFC Capital Advisors, and Amicus Capital Companions.
Final yr, GoI had appointed Sanjiv Aggarwal as Chief Govt Officer & Managing Director. Agarwal, a former Associate at UK's infrastructure fund Actis, changed Sujoy Bose, first managing director & chief govt officer of NIIF.
The Non-public Markets Fund is headed by managing associate Anand Unnikrishnan, who joined NIIF in 2018. Previous to becoming a member of NIIF, Anand was a senior member of Macquarie Infrastructure and Actual Belongings (MIRA) group in India for about 10 years.
When contacted, an NIIF spokesperson declined to remark.
General, NIIF manages over $4.9 billion in fairness commitments throughout 4 distinct funds: the Grasp Fund (infrastructure), Non-public Markets Fund (fund of funds), Strategic Alternatives Fund (progress fairness), and India-Japan Fund.
NIIF can also be launching its Grasp Fund II in a few months, concentrating on a dedication of about $4 billion.
NIIF's investor base includes a various group of sovereign wealth funds, pension funds, multilateral improvement banks, and authorities counterparts. Outstanding backers embrace the Abu Dhabi Funding Authority (ADIA), Singapore's Temasek, Australian Tremendous, Ontario Lecturers' Pension Plan, Canada Pension Plan Funding Board (CPPIB), Asian Infrastructure Funding Financial institution (AIIB), Asian Growth Financial institution (ADB), New Growth Financial institution (NDB), and the Japan Financial institution for Worldwide Cooperation (JBIC).
