Toronto-based asset manager Canada Pension Plan Investment Board (CPP Investments) has announced a commitment of up to ₹2,070 crore ($215 million) to NIIF Infrastructure Fund II.

IIF Infrastructure Fund II is the second India-focused infrastructure fund managed by the National Investment and Infrastructure Fund (NIIF), India’s sovereign-anchored alternative asset manager.

NIIF on August 31 announced the first close of NIIF Infrastructure Fund II at ₹19,000 crore, or approximately $2 billion. The close represents more than 60 per cent of the fund’s ₹30,000 crore ($3.2 billion) target size.

NIIF Infrastructure Fund II will invest in infrastructure assets and platforms across India, with a focus on sectors expected to benefit from long-term structural trends including urbanisation, digitalisation and energy transition.

“This commitment builds on our existing partnership with NIIF and reflects our confidence in the platform’s ability to originate, build and scale high-quality infrastructure assets. Through Fund II, we see an attractive opportunity to deploy long-term capital alongside a trusted partner while generating solid risk-adjusted returns for CPP contributors and beneficiaries,” said James Bryce, managing director and head of infrastructure at CPP Investments.

NIIF was established in 2015 as a platform to attract private institutional capital to support the country’s infrastructure growth.

CPP Investments and NIIF have a longstanding strategic relationship, with CPP Investments having committed to NIIF’s first infrastructure fund and invested directly in NIIF’s investment management platform.

NIIF’s first infrastructure fund raised ₹16,000 crore ($2.34 billion) and has invested across renewables, transmission, distribution, battery storage, roads, ports and logistics, airports, data centres and smart metering.

Sanjiv Aggarwal, managing director and chief executive officer of NIIF, said: “We are delighted to continue our partnership with CPP Investments through Infrastructure Fund II. Their continued commitment reflects the strength of our relationship and shared conviction in India’s long-term infrastructure opportunity. We look forward to building on this partnership to deploy capital at scale and create high-quality infrastructure businesses that support India’s next phase of growth.”

CPP Investments manages the Canada Pension Plan Fund and invests globally across public equities, private equities, real estate, infrastructure, fixed income and alternative strategies, including through fund partnerships.