Nishith Desai Associates: Deal Corner

Posted by By at 8 August, at 12 : 34 PM Print

August 08, 2019

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://economictimes.indiatimes.com/news/economy/finance/australiansuper-ontario-teachers-to-invest-2-bn-in-niif/articleshow/70547872.cms

https://www.thehindu.com/business/Industry/australiansuper-ontario-teachers-pension-plan-to-invest-2-billion-through-niif/article28832786.ece

https://www.livemint.com/companies/news/niif-master-fund-raises-2-billion-from-australian-canadian-pension-funds-1565080722848.html

https://www.business-standard.com/article/economy-policy/australiansuper-ontario-teachers-to-invest-1-bn-each-in-india-s-niif-fund-119080600670_1.html

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
2019, 2017, 2016, 2015, 2014

Chambers and Partners Asia Pacific: Band 1 for Employment, Lifesciences, Tax and TMT
2019, 2018, 2017, 2016, 2015

Benchmark Litigation Asia-Pacific: Tier 1 for Government & Regulatory and Tax
2019, 2018

IFLR1000: Tier 1 for Private Equity and Project Development: Telecommunications Networks.
2019, 2018, 2017, 2014

Legal500: Tier 1 for Dispute, Tax, Investment Fu ds, Labour & Employment, TMT and Corporate M&A
2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012

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”


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Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi, Munich and New York.

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