IDFC Alternatives Limited, multi-asset class management arm of IDFC Ltd, has announced final closing for it's about Rs 5,500 crore ($900 million) India Infrastructure Fund II.
This includes a commitment of $90 million from its parent IDFC Limited and remaining $810 million from third party Limited Partners ("LPs").
In addition to the above commitments to the fund, investors have also pledged significant additional capital towards co-investment opportunities. Investors in IIF II include global institutional investors from North America, Europe and the Middle East, the company said in a statement.
IIF II has attracted the high quality and marquee investors. IIF II has been subscribed during time when the difficult economic and financial conditions prevailed during the majority of our fund-raising period.
The many existing investors of first fund have re-upped commitments to the second fund. The new investors including global institutional investors for having placed faith in IDFC as their infrastructure fund manager of choice. They have also acknowledged India's potential as an attractive investment opportunity in the infrastructure space.
IIF II is the successor to IDFC Alternatives' debut infrastructure fund - India Infrastructure Fund ("IIF") - which closed in June 2009 with a fund size of $927 million from Indian and international institutional investors.
Aditya Aggarwal, Partner - Infrastructure who co-led the fund raise said IIF II will continue with a similar investment strategy of investing in core infrastructure assets in India covering both under construction and operational assets.
