NIIF fund of funds invests $25M in Amicus Capital Fund II

National Investment and Infrastructure Fund (NIIF), a collaborative investment platform anchored by the Government of India, has committed Rs 207 crore ($25 million) to Amicus Capital Fund II.

The funds came from the NIIF Fund of Funds - I, the first fund under its Private Markets Business (PMF)-I.

The PMF-I programme aims to back established and emerging fund managers with a strong track record and institutional mindset, prioritising ESG (environmental, social, and corporate governance) practices. With commitments to eight complementary funds across growth equity, venture capital, buyout, and credit, PMF-I covers key sectors like climate, healthcare, and technology. With the latest commitment to Amicus Capital Fund II, PMF-I has used 100% of its aggregate capital commitments.

"NIIF’s backing, at this juncture, as amongst the largest investors in Amicus Capital Fund II is expected to further enhance our fundraising momentum. Including NIIF’s commitment, our second fund has raised $171 million (~Rs 1,415 crore) as of today," Mahesh Parasuraman, Partner and Co-founder, Amicus Capital, said.

Amicus Capital Fund II, with a target to raise $200 million for disbursements, supports tech businesses in sectors like specialty manufacturing, healthcare, and financial services.

NIIF, which manages $4.9 billion across various funds, aims to support India's growth needs. PMF offers global investors access to India's private assets market through third-party fund managers and co-investment opportunities.

“We are delighted to partner with Amicus Capital, underscoring our commitment to backing high-performing fund managers who are executing a well-defined investment strategy in a disciplined manner with a strong team." Anand Unnikrishnan, Managing Partner – Private Markets, NIIF, said.