Australian and Canadian pension funds to invest a billion dollars each in NIIF
AustralianSuper, Australia’s largest superannuation fund, and Ontario Teachers’ Pension Plan, Canada’s largest single-profession pension plan, will invest $1 billion each in the National Investment and Infrastructure Fund (NIIF) of India’s Master Fund.
The agreements in this regard include commitments of $250 million each and co-investment rights of up to $750 million each in future opportunities alongside the Fund. This is the third round of investments into the fund, making it the largest infrastructure fund in India with assets under management of over $1.8 billion and a co-investment pool of $2.5 billion. Domestic investors HDFC Life and Kotak Mahindra Life Insurance have further committed ₹60 crore in the third round.
AustralianSuper and Ontario Teachers’ will now join the Government of India, the Abu Dhabi Investment Authority, Temasek, the HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank as investors in the fund. They will also become shareholders in National Investment and Infrastructure Fund Ltd, NIIF’s investment management company.
