Khaitan & Co has played a pivotal role in advising the National Investment and Infrastructure Fund (NIIF) on the initial closing of its NIIF Infrastructure Fund II, marking its second major infrastructure initiative. This fund has successfully amassed commitments totaling ₹19,000 crore, approximately $2 billion.
As the lead fund counsel, Khaitan & Co provided comprehensive guidance to NIIF on the formation and registration of both the main Fund and its Feeder Fund. The legal firm offered strategic advice on key structuring components and critical regulatory matters. Moreover, Khaitan & Co was instrumental during the fundraising phase, acting as the primary counsel in investor interactions and negotiating significant terms within the fund documents.
Key Players in the Transaction
The transaction was spearheaded by an adept team from Khaitan & Co, featuring Siddharth Shah, Senior Partner; Divaspati Singh, Partner; Gaurita Udiyawar, Counsel; Deep Shah, Principal Associate; Nikhat Hetavkar, Senior Associate; Parv Pancholi, Associate; and Stuti Singh, Associate.
Investment Anchors and Participants
The Government of India anchors the first closing, supplemented by a distinguished array of investors. This pool includes sovereign wealth funds, pension funds, insurance companies, and top-tier Indian financial institutions. Notable global institutional investors participating in this fund include AustralianSuper, CPP Investments, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Ontario Teachers’ Pension Plan, and Temasek. Key Indian contributors comprise ICICI Bank, HDFC Bank, Axis Bank, Kotak Life Insurance, and HDFC Life Insurance.
The capital mobilization was executed through a blend of direct commitments to the Fund and contributions via a Feeder Fund located in Gujarat International Finance Tec-City.
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