National Investment and Infrastructure Fund (NIIF), India

At a glance. NIIF is India's government-anchored alternative asset manager. It uses public anchor capital to draw global institutions into Indian infrastructure, growth companies and private markets through four strategies. It manages more than USD 5 billion of equity commitments, and in June 2026 the government doubled its total allocation to INR 60,000 crore. S3

Key points

• More than USD 5 billion of equity capital commitments across four strategies (June 2026). S3
• Government allocation raised by INR 30,000 crore to INR 60,000 crore in June 2026. S3
• About INR 40,000 crore of commitments raised in total, including the government anchor. S3
• About INR 12,000 crore returned to investors, around half of drawn capital, through exits. S3
• Capital deployed in 25 entities across ports, roads, airports, renewables, data centres and more. S3 S1
• Debt platforms report a combined loan book above USD 4 billion, over half green assets. S1

Interesting facts

• The Ayana Renewable Power exit was agreed at an enterprise value of USD 2.3 billion. S1
• Investors include ADIA, Temasek, AustralianSuper, Ontario Teachers' and CPP Investments. S4
• The Governing Council is chaired by India's Union Finance Minister. S4

Mandate and goals

NIIF uses catalytic public capital to attract institutional investment into infrastructure and other nationally important sectors, investing on commercial terms in areas tied to Gati Shakti, Digital India, Make in India and climate goals. S3

• Crowd large institutional capital into Indian infrastructure. S3
• Earn commercial returns on equity and structured debt. S1
• Build sector platforms with operating partners. S1
• Advise central and state bodies on public-private partnership ideas. S3

How it invests

Past investments

Case studies

Ayana Renewable Power: build and sell S1

• What: NIIF backed Ayana as a renewables platform and in February 2025 agreed to sell it to ONGC NTPC Green.
• When: February 2025
• Size: USD 2.3B enterprise value
• Why: Platform building in renewables fits the Master Fund strategy.
• Outcome: Full equity sale to a state energy joint venture.

Private Markets Fund II raise S7

• What: NIIF secured up to USD 750 million for its second fund of funds, with AIIB, NDB and investors in Japan and India.
• When: March 2026
• Size: USD 750M of USD 1B target
• Why: The first USD 600 million fund was fully invested with about 40 percent realised.
• Outcome: Extends anchoring of Indian mid-market managers.

Investment process

Each NIIF fund has its own investors and committees; the Governing Council, chaired by the Finance Minister, reviews performance each year. S4 S3

1. Raise fund capital from the government anchor and institutions. S3
2. Build or back sector platforms with operating partners. S1
3. Anchor third-party managers and co-invest through the Private Markets Fund. S7
4. Exit and return capital to investors. S3

How to approach: General contact page on the NIIF website; no unsolicited approach route published. S1

Size and returns

• Headline size: USD 5B+ (Committed or authorised capital, as of 2026-06-29) S3
• In US dollars: about USD 5.0B. Reported in US dollars; equity capital commitments across funds, not net asset value.
• Total government allocation: INR 60,000 crore (about USD 6.34B) (Committed or authorised capital, as of 2026-06-29) S3
• Returns: the fund does not publish a return figure.
• Staff: Investment and capital formation teams listed on the NIIF site S5

Leadership

Governance and transparency

• Legal basis: Company set up under the Government of India with fund trusts overseen by NIIF Trustee Limited S1 S4
• Oversight: Governing Council chaired by the Union Finance Minister S4
• Auditor: Not published S1
• IFSWF associate member. S2
• Publishes an annual sustainability report. S6

Transparency score: 6.0 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, holdings or deal list, named leadership, regular reporting schedule. S1 S3 S5 S6
• Partly published: long-term returns, asset allocation, geographic or sector split, governance and mandate documents. S1 S3 S4
• Not published: annual return, audited financial statements. S1 S3

History

Reports

• NIIF Sustainability Report FY2025: https://niifindia.in/niif-sustainability-report-fy-2025/ S6

Common questions

How large is NIIF?

More than USD 5 billion of equity commitments (June 2026); the government allocation is INR 60,000 crore. S3

Who runs NIIF?

Sanjiv Aggarwal, Managing Director and CEO since February 2024. S5

Which strategies?

Infrastructure, private markets, growth equity, and climate with the India-Japan corridor. S4

Is NIIF an IFSWF member?

Yes, as an associate member. S2

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All sovereign wealth funds in Asia · All strategic development funds · All funds in India

Sources

1. S1NIIF, home and investment pages
2. S2IFSWF, associate members
3. S3NIIF, Government approves additional INR 30,000 crore allocation
4. S4Press Information Bureau, sixth Governing Council meeting of NIIF
5. S5NIIF, our team
6. S6NIIF Sustainability Report FY2025
7. S7NIIF, USD 750 million commitments for Private Markets Fund II