
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
National Investment and Infrastructure Fund (NIIF) is a SEBI-registered Category II Alternative Investment Fund (reg. IN/AIF2/15-16/0194), registered in December 2015 and managed by National Investment and Infrastructure Fund Limited (NIIF Ltd., CIN: U65999MH2015PLC269546) — India's first Sovereign Wealth Fund-type entity, established by the Government of India to catalyse infrastructure investment. NIIF was created by the Government of India in 2015 with a mandate to invest in commercially viable greenfield, brownfield, and stalled infrastructure projects, and to attract domestic and international institutional investors into Indian infrastructure. The Government of India committed an initial corpus of ₹20,000 crore and holds a 49% stake in NIIF Ltd., with the remaining 51% held by institutional investors (sovereign wealth funds, pension funds, insurance companies, multilateral development banks, and endowments). NIIF manages three funds: (1) Master Fund (IN/AIF2/15-16/0194) — core infrastructure, ₹7,700+ crore; (2) Fund of Funds (IN/AIF2/16-17/0276) — infrastructure-adjacent venture and growth capital; and (3) Strategic Opportunities Fund (IN/AIF2/20-21/0821) — private equity across sectors. Total AUM: ~$5 billion. NIIF Ltd. is headquartered at UTI Tower, GN Block, 4th Floor, Bandra Kurla Complex, Mumbai 400051. The manager_id label 'India Japan Fund' is a SEBI internal label for the Japan-India bilateral investment fund scheme within the NIIF framework.
Sujoy Bose
Founding Managing Director & CEO (2016–2022)
Sujoy Bose was the Founding Managing Director and CEO of NIIF Ltd. (2016–2022). He set up NIIF from scratch, building the institution from ground zero into a $5 billion AUM platform with 29 global investors. Previously MD, Head of Emerging Markets at International Finance Corporation (IFC), World Bank Group. He holds a B.Tech from IIT Kharagpur and an MBA from the University of Virginia Darden School.
Rajiv Dhar
Managing Director & CEO
Rajiv Dhar is the current Managing Director and CEO of NIIF Ltd. He joined NIIF as Managing Director (Investments) and was elevated to MD & CEO. He previously served as Co-Head of Infrastructure Investment Banking at Barclays India and has led major infrastructure financing transactions. He holds an MBA from IIM Calcutta.
Anindya Bose
Managing Director – Fund of Funds
Anindya Bose manages the Fund of Funds strategy at NIIF, deploying capital into venture and growth funds targeting infrastructure-adjacent sectors. Previously at IFC, Macquarie, and BNP Paribas.
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
See every PMS strategy and AIF from NIIF.