Sujoy Bose exits leadership role of India's NIIF
Sujoy Bose has left India’s National Investment & Infrastructure Fund (NIIF), having served as CEO of the organisation since its inception in 2016.
Bose, who previously spent 24 years with the International Finance Corporation (IFC), latterly as global co-head of infrastructure and natural resources, gave no indication of his plans. He noted in a social media post that NIIF has become one of the largest asset managers in India and is now often referred to as the country’s quasi-sovereign fund.
“What is most satisfying is the quality of investors that NIIF attracted, the strong team I was able to attract and retain that continues to build and scale NIIF, the excellent performance of the portfolio – all the funds are tracking at returns that could put them among the top performers in India, and the demonstration in a short period of the entire life cycle of good responsible investing,” Bose said.
He also highlighted NIIF’s recently concluded first exit. The group sold its entire position in Manipal Health Enterprises – acquired for INR 21bn (USD 256m) in 2021 – as part of a deal that saw Temasek Holdings become the majority shareholder.
In May, NIIF named COO Rajiv Dhar as interim CEO. Dhar joined the group in 2017, having previously worked for the likes of Omzest Group and Tata Group.
NIIF describes itself as a collaborative investment platform for international and Indian investors, anchored by the Indian government. It manages over USD 4.3bn of equity capital commitments across three funds: NIIF Master Fund, NIIF Fund of Funds, and Strategic Opportunities Fund.
NIIF Master Fund closed in 2020 on USD 2.34bn, supported by a string of global institutional investors. NIIF Fund of Funds had raised USD 700m against a target of USD 1bn as of early 2021. The Strategic Opportunities Fund is a private equity vehicle that aims to build scalable businesses across a range of opportunity-long but capital-short sectors.
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