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Investing for India's Infrastructure Future.
Managed by NIIF
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
National Investment and Infrastructure Fund (NIIF) is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/15-16/0194), registered in December 2015 and managed by National Investment and Infrastructure Fund Limited (NIIF Ltd., CIN: U65999MH2015PLC269546) — India's first Sovereign Wealth Fund-type entity, established by the Government of India to catalyse infrastructure investment. NIIF was created by the Government of India in 2015 with a mandate to invest in commercially viable greenfield, brownfield, and stalled infrastructure projects, and to attract domestic and international institutional investors into Indian infrastructure. The Government of India committed an initial corpus of ₹20,000 crore and holds a 49% stake in NIIF Ltd., with the remaining 51% held by institutional investors (sovereign wealth funds, pension funds, insurance companies, multilateral development banks, and endowments). NIIF manages three funds: (1) Master Fund (IN/AIF2/15-16/0194) — core infrastructure, ₹7,700+ crore; (2) Fund of Funds (IN/AIF2/16-17/0276) — infrastructure-adjacent venture and growth capital; and (3) Strategic Opportunities Fund (IN/AIF2/20-21/0821) — private equity across sectors. Total AUM: ~$5 billion. NIIF Ltd. is headquartered at UTI Tower, GN Block, 4th Floor, Bandra Kurla Complex, Mumbai 400051. The manager_id label 'India Japan Fund' is a SEBI internal label for the Japan-India bilateral investment fund scheme within the NIIF framework.
Sujoy Bose
Founding Managing Director & CEO (2016–2022)
Sujoy Bose was the Founding Managing Director and CEO of NIIF Ltd. (2016–2022). He set up NIIF from scratch, building the institution from ground zero into a $5 billion AUM platform with 29 global investors. Previously MD, Head of Emerging Markets at International Finance Corporation (IFC), World Bank Group. He holds a B.Tech from IIT Kharagpur and an MBA from the University of Virginia Darden School.
Rajiv Dhar
Managing Director & CEO
Rajiv Dhar is the current Managing Director and CEO of NIIF Ltd. He joined NIIF as Managing Director (Investments) and was elevated to MD & CEO. He previously served as Co-Head of Infrastructure Investment Banking at Barclays India and has led major infrastructure financing transactions. He holds an MBA from IIM Calcutta.
Anindya Bose
Managing Director – Fund of Funds
Anindya Bose manages the Fund of Funds strategy at NIIF, deploying capital into venture and growth funds targeting infrastructure-adjacent sectors. Previously at IFC, Macquarie, and BNP Paribas.
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