IDFC Alternatives raises $644 million for its second India fund

NEW DELHI: IDFC Alternatives Ltd said it has raised $644 million for its second India focused Core Infrastructure Fund, India Infrastructure Fund II ( IIF2).

IDFC Alternatives has received binding commitment of $644 million for its second India focused Core Infrastructure Fund, India Infrastructure Fund II, a company release said.

The investors in the India Infrastructure Fund II comprise of global institutional investors from North America, Europe and the UK.

"There is substantial re-up commitments from IIF1 investors who have reaffirmed their faith in IDFC as an Infrastructure Fund Manager and in India's potential as an attractive investment opportunity in the Infrastructure space," IDFC Alternatives Managing Partner and CEO MK Sinha said.

The India Infrastructure Fund II, is the successor to IDFC's debut infrastructure fund, which closed in June 2009 with a fund size of $927 Million from Indian and international institutional investors.

The IDFC Alternatives team has invested its first India focused fund in a diversified portfolio of infrastructure assets in India with a focus on creating sustainable and long-term value for its investors and portfolio companies.

As of June 30, 2013, the first fund had invested 84 per cent of its total capital across 15 portfolio companies.

"IIF2 will continue with a similar investment strategy of investing in core infrastructure assets in India covering both under construction and operational assets and with proven existing relationships that have created value," Sinha said.