The Abu Dhabi Investment Authority (ADIA) has invested $1 billion in a fund set up by the Indian government to invest in infrastructure.
Indian institutions such as HDFC Asset Management and ICICI Bank will also invest in the National Investment and Infrastructure Fund, according to a statement by the Indian Ministry of Finance.
“This agreement paves the way for creating significant economic impact through investment in commercially viable infrastructure development projects,” said Shri Subhash Chandra Garg, secretary of economic affairs.
In recent years, like many institutional investors, ADIA has increased its allocations to alternative asset classes such as infrastructure. The secretive fund usually does not reveal its holdings and has never said how much it manages, though the fund’s assets have been estimated at more than $800 billion.
ADIA made its investment in the National Investment and Infrastructure Fund through a wholly owned subsidiary.
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