Why in news? India –Japan Fund was unveiled for a $600 million.

Highlights:

• National Investment and Infrastructure Fund (NIIF), and the Japan Bank for International Cooperation (JBIC) launched the fund
• Aim: To invest in sustainability project areas such as renewable energy, e-mobility and waste management.
• Finance : JBIC will contribute 51% of that figure, and India the rest, the Indian government
• Management : NIIF Limited (NIIFL), will be responsible for managing the India-Japan Fund.

About National Investment and Infrastructure Fund

• It is India’s first infrastructure specific investment fund or a sovereign wealth fund by the Government of India
• Objective : Maximize economic impact mainly through infrastructure investment in commercially viable projects, both greenfield and brownfield.
• Type: Alternative Investment Fund
• Chaired : Finance Minister of India and has members from corporate bodies, investments and policy sectors.

Funds

• Master Fund: Primarily investing in operating assets in the core infrastructure sectors such as roads, ports, airports, power
• Fund of Funds: invest in funds managed by fund managers who have good track records in infrastructure and associated sectors in India
• Strategic Opportunities Fund: To invest largely in equity and equity-linked instruments.
• First investment agreement: Abu Dhabi Investment Authority (ADIA).