Canada Pension Plan Investment Board, Toronto, announced commitments and co-investments totaling $600 million with the National Investment and Infrastructure Fund of India, in a news release Thursday.
The C$409.5 billion ($307.8 billion) pension fund has signed agreements to make a commitment of $150 million to the NIIF Master Fund, with co-investment rights of up to $450 million in future opportunities alongside the NIIF Master Fund.
The NIIF Master Fund now has $2.1 billion in commitments, reaching its fundraising target, the news release said. Investors in the master fund also have co-investment rights of $3 billion.
The fund invests equity capital in core infrastructure sectors in India, focusing on energy, transportation and urban infrastructure.
It is CPPIB's second high-profile investment in India in as many years. The pension fund and Allianz Capital Partners had teamed up in 2018 to acquire 55% in IndInfravit Trust, the first private infrastructure investment trust in India.
"The opportunity to invest in, and alongside, NIIF complements our existing direct investment strategy in Indian infrastructure," said Scott Lawrence, managing director, head of infrastructure at CPPIB, in the news release. "Through this investment in the NIIF Master Fund, we are also able to deploy capital in additional projects and sectors across the country, providing further long-term opportunities for CPPIB to invest in Infrastructure in India."
