IDFC raises $644 mn for infrastructure fund

This includes $64 million from IDFC, $580 million from offshore Limited Partners (investors)

IDFC Alternatives Limited has raised $644 million for its second India-focused Core Infrastructure Fund - India Infrastructure Fund II. 

This includes $64 million from IDFC and $580 million from offshore Limited Partners (investors).

In addition to fund commitments, the investors have set aside an additional capital towards co-investment opportunities, said the company statement.

IDFC commenced fund raising in January 2013 with a total target of $1 billion and is currently in negotiations with prospective second close investors. IDFC Alternatives Ltd is a 100% subsidiary of IDFC and is an advisor and investment manager of IDFC sponsored funds across infrastructure, private equity and real estate.

M K Sinha, Managing Partner & CEO, IDFC Alternatives said, “There is substantial re-up commitments from IIF1 investors who have reaffirmed their faith in IDFC as an Infrastructure Fund Manager and in India’s potential as an attractive investment opportunity in the Infrastructure space.”

IIF2 is the successor to IDFC’s debut infrastructure fund (IIF1), which closed in June 2009 with a fund size of $927 million from Indian and international institutional investors. As of June 30, 2013, IIF1 had invested 84% of its total capital across 15 portfolio companies.