Nishith Desai Associates: Deal Corner
Posted by By nishithadmin at 8 August, at 12 : 34 PM Print
NATIONAL INVESTMENT AND INFRASTRUCTURE FUND (NIIF) OBTAINS USD 2 BILLION FROM AUSTRALIANSUPER AND ONTARIO TEACHERS’ PENSION PLAN
DEAL BRIEF
NIIF Master Fund has signed investment agreements for its third closing with two of the leading global pension funds, namely AustralianSuper and Ontario Teachers’ Pension Plan, of cumulatively worth USD 2 billion (including co-investments). Further, two of the existing domestic financial institutional investors, HDFC Life and Kotak Life, have also signed updated documents to increase their existing commitments to the NIIF Master Fund respectively.
The total assets under management of NIIF Master Fund after the third closing would be the largest for an infrastructure fund in India of about USD 4 bn (including co-investments).
In the Union Finance Budget 2015-16 on February 28, 2015, the Finance Minister had announced the setting up of a National Investment and Infrastructure Fund with the Government’s contribution to the Fund to be 49% of the total commitments of the Fund. NIIF Master Fund is registered with Securities and Exchange Board of India (SEBI) as a Category II Alternate Investment Fund (AIF) under the SEBI (Alternative Investments Funds) Regulations, 2012, and will primarily focus on the infrastructure sector. The Fund could also consider investments into other commercially viable projects within the broader investment strategy of the Fund.
OUR ROLE
We, at Nishith Desai Associates, helped NIIF and Ministry of Finance set up the NIIF Master Fund and acted as the fund counsel and the transaction counsel to NIIF and advised on legal, structuring and regulatory aspects of the transaction including the negotiations and deal documentation for all the funding rounds.
PRESS COVERAGE
Press coverage relating to the Fund is available as follows:
https://www.vccircle.com/niif-gets-2-bn-commitment-from-australian-canadian-pension-funds/
FT Innovative Lawyers Asia Pacific 2019 Awards: NDA ranked 2nd in the Most Innovative Law Firm category (Asia-Pacific Headquartered)
RSG-Financial Times: India’s Most Innovative Law Firm
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Chambers and Partners Asia Pacific: Band 1 for Employment, Lifesciences, Tax and TMT
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Benchmark Litigation Asia-Pacific: Tier 1 for Government & Regulatory and Tax
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IFLR1000: Tier 1 for Private Equity and Project Development: Telecommunications Networks.
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AsiaLaw 2019: Ranked ‘Outstanding’ for Technology, Labour & Employment, Private Equity, Regulatory and Tax
Who’s Who Legal 2019:
Nishith Desai, Corporate Tax and Private Funds – Thought Leader
Vikram Shroff, HR and Employment Law- Global Thought Leader
Vaibhav Parikh, Data Practices – Thought Leader (India)
Dr. Milind Antani, Pharma & Healthcare – only Indian Lawyer to be recognized for ‘Life sciences – Regulatory,’ for 5 years consecutively
Merger Market 2018:Fastest growing M&A Law Firm in India
Asia Mena Counsel’s In-House Community Firms Survey 2018:The only Indian Firm recognized for Life Sciences
IFLR: Indian Firm of the Year
2013, 2012, 2011, 2010
IDEX Legal Awards 2015: Nishith Desai Associates won the “M&A Deal of the year”, “Best Dispute Management lawyer”, “Best Use of Innovation and Technology in a law firm” and “Best Dispute Management Firm”
