AustralianSuper announced that it will increase its commitment to India’s National Investment and Infrastructure Fund by A$500 million ($346.9 million), which would bring the fund’s overall holdings in India, across all asset classes, to A$3.3 billion ($2.29 billion).
The new investment follows AustralianSuper’s initial 2019 investment of A$240 million, part of an agreement at that time with the Indian sovereign wealth fund to invest up to $1 billion in infrastructure opportunities there.
The NIIF was established in 2015 to encourage investors from around the world to deploy capital into infrastructure developments in the South Asian country, according to an AustralianSuper statement.
AustralianSuper CIO Shaun Manuell said in a statement that the investment in the NIIF has been one of the fund’s “most successful” partnerships.
“Our experience with NIIF demonstrates what can be achieved when long-term capital is combined with visionary policy, trusted institutions and strong partnerships,” Manuell said in the statement. “India is an attractive place to invest due to its strong economic growth and expanding middle class, and the Indian government has made it easier for institutions to deploy capital successfully.”
Manuell cited those same “fundamental strengths” as offering the potential to generate additional returns.
A version of this article originally appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.
Tags: Australiansuper, India, Infrastructure, National Investment and Infrastructure Fund, NIIF