India’s National Investment and Infrastructure Fund Names New CEO

Sanjiv Aggarwal will join the $5 billion sovereign-linked pension fund from U.K. investment firm Actis.



India’s National Investment and Infrastructure Fund Ltd., a sovereign-linked alternative asset manager with approximately $5 billion in assets under management, has named Sanjiv Aggarwal as its CEO and managing director, effective in February.

Aggarwal will succeed Rajiv Dhar, who has been the fund’s interim CEO and managing director since May 2023, when Sujoy Bose resigned after serving as CEO and managing director since 2016.

“The Board of Directors of NIIFL extends its gratitude to Mr. Dhar for his exceptional leadership during his interim term,” the board said in a statement. “His contributions have been fundamental in maintaining the continuity and success of NIIFL’s operations.”

Aggarwal will join the NIIF from U.K.-based investment firm Actis, where he has worked since 2008 and was most recently responsible for the company’s energy investments in Asia. Prior to Actis, he was at Citigroup for seven years, where he worked in the Indian energy sector and was promoted to head of power, energy, chemicals, mining and transportation for India. He also previously worked at ANZ Investment Bank for nine years, heading its project financing team for urban infrastructure and oil and gas.

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The NIIF describes itself as a collaborative investment platform for international and Indian investors, anchored by the government of India. The fund manages funds with investments in different asset classes and diversified sectors. The NIIF manages about $5 billion of equity capital commitments among its four funds: the Master Fund, Fund of Funds, Strategic Opportunities Fund and India-Japan Fund.

Although the Indian government, which owns 49% of the NIIF, established the fund and seeded it with $3 billion, the fund is operated independently. The owners of the remaining 51% include institutional investors such as Canada Pension Plan’s CPP Investments, Australian Super, PSP Investments, Ontario Teachers’ Pension Plan, Abu Dhabi Investment Authority and Temasek.

“I am privileged to have the opportunity to guide NIIFL at such an exciting time in the company’s journey with its unique positioning in India and its growth potential,” Aggarwal said in a release. “I am committed to building on NIIFL’s strong track record and look forward to working with NIIFL’s talented team to invest in India’s very strong growth story and create value for our stakeholders.”

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