National Investment and Infrastructure Fund Limited (NIIF), an Indian government-backed fund, has said that it will give private equity company Amicus Capital INR 207 crores ($25 million).
The investment was made from NIIF Fund of Funds – I, the first fund under its private markets business (PMF-I), to Amicus Capital Partners India Fund II (Amicus Capital Fund II), according to a statement released by NIIF on Monday.
Amicus Capital Fund II, which has a $200 million target, aims to assist companies in a variety of industries, including specialty manufacturing, technology and business services, healthcare, financial services, and others, that use technology to scale early in their growth journey.
Amicus Capital is a young fund manager that was established in 2016 and has a proven track record in the early growth market.
Established and up-and-coming fund managers who have proven to have a solid track record, an institutional mindset, and a dedication to upholding strict environmental, social, and governance (ESG) standards in their operations are supported by PMF-I.
Utilizing all of its aggregate capital commitments, PMF-I has committed to Amicus Capital Fund II, and as a result, it has built a portfolio of eight complementary funds that span a variety of strategies, including growth equity, venture capital, buyout, and credit.
Through investments in both sector-focused and multi-sector funds, PMF-I is exposed to important industries that propel the expansion of the Indian economy, such as manufacturing, affordable housing, healthcare, climate change, technology-enabled start-ups, financial services, and small and medium-sized enterprises.
“We are delighted to partner with Amicus Capital, underscoring our commitment to backing high-performing fund managers who are executing a well-defined investment strategy in a disciplined manner with a strong team,
“We believe that the Amicus Capital team has the potential to deliver high returns while driving development in India through their investments and look forward to a successful partnership,” said Anand Unnikrishnan, Managing Partner – Private Markets, NIIF.
Partner and co-founder of Amicus Capital Mahesh Parasuraman stated that the NIIF commitment highlights their team’s and their strategy’s confidence.
“NIIF’s backing, at this juncture, as amongst the largest investors in Amicus Capital Fund II is expected to further enhance our fundraising momentum,” he said.
Their second fund has raised $171 million as of today, including NIIF’s commitment.
“NIIF’s expertise and network will be invaluable as we continue to identify and support promising businesses early in their growth cycle,” he added.
Anchored by the Indian government, NIIF is a cooperative investment platform for both domestic and foreign investors. It manages funds with investments in a variety of asset classes and diversified sectors that produce appealing risk-adjusted returns.
With four funds—the Master Fund, Private Markets Fund, Strategic Opportunities Fund, and India-Japan Fund—each with a unique investment strategy dedicated to assisting the nation’s growth needs, NIIF oversees over $4.9 billion in equity capital commitments.
