India’s National Investment and Infrastructure Fund (NIIF) has raised $750 million for its second private markets fund that will look to invest indirectly into local companies by backing other private equity and venture capital funds, said a senior executive.

“As a sovereign-backed institution, our role is to open the Indian market to newer investors,” said Anand Unnikrishnan, managing partner, private markets, NIIF. “We are a gateway for global limited partners who have the comfort of investing through us into mid-market private equity opportunities,” said Unnikrishnan, ahead of an investor conference in New Delhi.

NIIF has a target to raise $1 billion for its second private markets fund, according to a report by The Economic Times.