The National Investment and Infrastructure Fund (NIIF) on Monday announced Rs 400 crore commitment to Lighthouse India Fund IV alternate investment fund.
The commitment has been done from the fund of funds platform launched by NIIF, and will be a part of the Rs 3,500 crore fund Lighthouse aims to raise, according to an official statement.
The Lighthouse fund will be investing in healthcare, speciality manufacturing, digital transformation, and consumer products and services, it said.
NIIF becomes the first domestic institutional investor to participate in the fund, and the 2006-founded Lighthouse has already raised three private equity funds which have a strong investing and exit record, the statement said.
“Through its deep knowledge of the Indian investment landscape and its ability to forge strong partnerships with Indian entrepreneurs, Lighthouse has demonstrated a strong track record and will provide NIIF Fund of Funds and its investors’ access to high growth sectors in India,” Prakash Rao, Executive Director and Chief Investment Officer—Indirect investments of NIIF, said.
The fund of funds invests in fund managers with a strong track record and sets a high standard of institutionalisation, including ESG practices.
With the latest bet, the NIIF platform is 90% invested with seven investments in total, the statement said, adding that these funds will deploy the money in areas of national importance like climate, affordable housing, healthcare and pharmaceuticals, innovation, deep technology, and manufacturing.