Key Takeaways
- • AustralianSuper, Australia's largest pension fund, will invest a further A$500 million ($346 million) in India's National Investment and Infrastructure Fund (NIIF), according to Reuters.
- • The new commitment comes on top of the A$240 million the fund committed seven years ago, bringing its total Indian holdings to A$3.3 billion.
- • The NIIF's original investment has been one of AustralianSuper's best performing infrastructure investments, per the fund.
- • The announcement coincided with Indian Prime Minister Narendra Modi's visit to Melbourne, where he was scheduled to meet Australian CEOs at a business forum.
- • AustralianSuper manages A$410 billion in funds under management.
Summary
Australia's largest pension fund, AustralianSuper, said on Thursday it would invest a further A$500 million ($346 million) in India's National Investment and Infrastructure Fund (NIIF), according to Reuters. The additional commitment sits on top of the A$240 million the fund committed seven years ago, and will lift AustralianSuper's total Indian holdings to A$3.3 billion.
The NIIF was created in 2015 to attract global investment into the country's infrastructure development. AustralianSuper said its original NIIF investment had been one of the fund's best performing infrastructure investments. The fund's existing Indian exposure spans infrastructure, equities and private market investments.
The announcement was timed to coincide with a visit by Indian Prime Minister Narendra Modi to Melbourne, where he was scheduled to meet Australian CEOs at a business forum on Thursday. AustralianSuper, which has A$410 billion in funds under management, is one of the largest superannuation funds in the country.
Reuters reporting was by Scott Murdoch, with editing by Nia Williams and Sonali Paul. The conversion rate cited in the report was $1 = 1.4432 Australian dollars.
The NIIF was created in 2015 to attract global investment into the country's infrastructure development. AustralianSuper said its original NIIF investment had been one of the fund's best performing infrastructure investments. The fund's existing Indian exposure spans infrastructure, equities and private market investments.
The announcement was timed to coincide with a visit by Indian Prime Minister Narendra Modi to Melbourne, where he was scheduled to meet Australian CEOs at a business forum on Thursday. AustralianSuper, which has A$410 billion in funds under management, is one of the largest superannuation funds in the country.
Reuters reporting was by Scott Murdoch, with editing by Nia Williams and Sonali Paul. The conversion rate cited in the report was $1 = 1.4432 Australian dollars.
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