National Investment and Infrastructure Fund (NIIF) on Thursday said that Shanghai-based New Development Bank has committed to invest USD 100 million (around Rs 728 crore) in NIIF Fund of Funds (FoF)

With NDB”s investment, the FoF has secured USD 800 million in commitments, according to a statement.

NDB joins the Government of India (GoI), Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) as an investor in the FoF, it added.

Set up as a Category II Alternative Investment Fund (AIF) in 2015, the NIIF currently manages three funds with distinct strategies — Master Fund, Fund of Funds and Strategic Opportunities Fund.

“This investment marks NDB”s first equity investment into India and its first ever investment into a Fund of Funds. Through this investment in the FoF, NDB aims to support private capital investments in India when Indian companies are seeking much-needed equity to achieve their long-term growth,” the statement said.

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Source: OutlookIndia