Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
India Japan Fund (IN/AIF2/23-24/1324) is a SEBI-registered Category II AIF managed by National Investment and Infrastructure Fund Limited (NIIF), India's first sovereign wealth fund, established in 2015 by the Government of India with the Ministry of Finance as anchor investor (49% ownership). The India Japan Fund is a bilateral investment vehicle between India and Japan, designed to facilitate Japanese capital flows into India's infrastructure sector. It was registered in August 2023. NIIF manages three funds: Master Fund (infrastructure), Fund of Funds, and Strategic Opportunities Fund. The India Japan Fund is a Strategic Opportunities Fund variant focused on channelling Japan-origin capital. NIIF's total AUM is approximately USD 4.9 billion. Notable NIIF investors include Abu Dhabi Investment Authority, Ontario Teachers' Pension Plan, CPP Investments, CDPQ, Singapore's GIC, AustralianSuper, and several Japanese institutions. The registered address is UTI Tower, GN Block, 4th Floor, BKC, Mumbai.
Sanjiv Aggarwal
Managing Director & CEO, NIIF
Sanjiv Aggarwal is the Managing Director and CEO of National Investment and Infrastructure Fund Limited. He leads NIIF's investment strategy, LP relationships, and bilateral fund initiatives including the India Japan Fund.
Jitender Tanikella
Principal – Legal & Compliance, NIIF; SEBI Contact Person
Jitender Tanikella is a Principal at NIIF responsible for PE & VC/M&A/JVs with a focus on new economy ventures, and also advises on fund structuring and formation. He has engaged closely with DPIIT (formerly DIPP), FIPB, SEBI, and RBI on regulatory matters. He is qualified to practise law in India and holds a law degree from Columbia Law School, Columbia University.
Akhilesh Tilotia
Head of Research, NIIF
Akhilesh Tilotia is NIIF's Head of Research, responsible for developing the firm's GRIX (Greeks) investment framework and anchoring macro-level India investment thesis. He regularly engages with media and institutional investors on India's growth story.
Prasad Gadkari
Executive Director and Chief Strategy Officer
Vinod Giri
Managing Partner, Master Fund
Vinod has 20+ years of experience across investments, strategy and management consulting and project finance. Vinod has made investments across varied sectors across early stage, growth stage and platform deals. He is amongst the few investment professionals in the Indian private equity infrastructure investments landscape with full investment cycle experience. He joined NIIF in early 2017 and is currently the Managing Partner for NIIF Master Fund. In his current role, Vinod is responsible for the overall investment strategy including setting up sectoral platforms and forging relationships with strategic operators, portfolio management and stakeholder management. Prior to NIIF, Vinod spent 13 years with IDFC Alternatives. During his tenure, he evaluated and invested in companies across sectors including oil and gas value chain, transportation value chain, logistics, real estate, education, consumption and agri value chain. Some of the marquee deals he handled include Gujarat State Petronet Limited (GSPL), L&T Infrastructure Development Projects Limited (L&TIDPL), Gujarat Pipavav Port Limited (GPPL) and few city gas distribution companies. At IDFC, Vinod served on Boards of investee companies, helping with interventions in strategic directions, strengthening management team, assisting investee companies with access to regulators, business development and others. Vinod was also instrumental in consummating exits of investee companies through various routes - IPO, sale to strategic investors, sale to financial investors and promoter buybacks. Prior to joining the IDFC Alternatives, Vinod worked with the infrastructure advisory vertical of Credit Analysis & Research Limited (CARE).
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Anand Unnikrishnan
Managing Partner, Private Markets
Gauravjit Singh
Managing Partner, Global Head of Capital Formation
Prakhar Sharma
General Counsel & Chief Compliance Officer
Arun Krishnamurthy
Chief Human Resources Officer
Krishna Kumar
Partner, India-Japan Fund
Gordon Dsouza
Partner, India-Japan Fund
Karthikeyan M
Partner, Master Fund
Parag Baduni
Partner, Master Fund
Puneet Rustagi
Partner, Master Fund
Subhas Chandra Ghosal
Operating Partner, Master Fund
Krupa Shankar
Partner, Private Markets
Nilesh Shrivastava
Partner, Strategic Opportunities Fund
Nirmala Sitharaman
BoardHon'ble Minister of Finance & Corporate Affairs (Chair)
Anuradha Thakur
BoardSecretary, Department of Economic Affairs
M. Nagaraju
BoardSecretary, Department of Financial Services
Challa Sreenivasulu Setty
BoardChairman, State Bank of India
Hemendra Kothari
BoardChairman, DSP Group
Uday Kotak
BoardFounder and Director, Kotak Mahindra Bank Limited
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