Khaitan & Co has advised NIIF on the first closing of NIIF Infrastructure Fund II, its second flagship infrastructure fund, with aggregate commitments of ₹19,000 crore (~$2 billion).

The Firm acted as the lead fund counsel and advised NIIF on the establishment and registration of the Fund and Feeder Fund, including advice on key structuring aspects and regulatory considerations. The Firm also assisted NIIF in the fund-raising process, acting as the lead counsel for engagement with investors of the Fund and negotiating key terms in the fund documents.

The transaction team consisted of 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).

The first close is anchored by the Government of India and supported by a high-quality investor base spanning sovereign wealth funds, pension funds, insurance companies and leading Indian financial institutions. Global institutional investors include AustralianSuper; CPP Investments; a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA); Ontario Teachers’ Pension Plan; and Temasek; alongside leading Indian institutions including ICICI Bank, HDFC Bank, Axis Bank, Kotak Life Insurance and HDFC Life Insurance.

The capital was raised through a combination of direct commitments to the Fund and through a feeder fund in Gujarat International Finance Tec-City (Feeder Fund).

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