India-backed NIIF taps private equity market for $1bn fund

Successor fund to focus on smaller deals, eyes more Japanese capital

20250718 NIIF managing partner for private markets Anand Unnikrishnan 2

Anand Unnikrishnan, NIIF's managing partner, helped launch a private equity-focused fund in 2019. The fund has about $600 million in assets under management. (Photo by Yuki Kohara)

JADA NAGUMO

July 30, 2025 14:34 JST

TOKYO -- India's government-backed National Investment and Infrastructure Fund (NIIF) is doubling down on the Indian private equity market, hoping the country's rapid economic growth will fuel more interest from a wide range of investors across Asia, as it gets ready to launch a $1 billion successor fund.