CPPIB CEO Mark Machin walks through the pension fund's Toronto office on Jan. 12, 2017.Mark Blinch/The Globe and Mail
Canada’s biggest public pension fund is investing up to US$600-million in India’s National Investment and Infrastructure Fund (NIIF), as it seeks to increase its infrastructure bets in Asia’s third-largest economy.
The deal includes a commitment of US$150-million in NIIF’s Master Fund and co-investment rights of up to US$450-million in future opportunities to invest alongside the Master Fund, Canada Pension Plan Investment Board (CPPIB) said in a statement on Thursday.
The NIIF is majority-owned by institutional investors, but says is anchored by India’s government, which is also an investor in its Master Fund.
India needs investments worth about US$778-billion for highways, urban transport and renewable energy by 2022, according to the India Brand Equity Foundation, a government body.
With CPPIB’s investment, NIIF’s Master Fund now has US$2.1-billion in commitments, it said.
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