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The NIIF Master fund primarily invests in operating assets in core infrastructure sectors, primarily transportation and energy. The Public Sector Pension Investment Board (PSP Investments) of Canada, US International Development Finance Corporation (DFC), and Axis Bank have inked pact for investments of about $107 million cumulatively with the NIIF Master Fund. International investors have rights to co-invest an additional $3 billion alongside the Fund. These investments mark the fifth and Final Close of the NIIF Master Fund, NIIF said in a statement. DFC and PSP will join the other investors of the Master Fund as shareholders of NIIF Ltd, the investment manager. DFC and PSP Investments join the Government of India (GoI), Abu Dhabi Investment Authority (ADIA), AustralianSuper, CPP Investments, Ontario Teachers’ Pension Plan, Temasek, HDFC Group, ICICI Bank, among others.
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National Investment and Infrastructure Fund announces final close of Master Fund at $2.34 billion
Top investors include Canada’s Public Sector Pension Investment Board, US International Development Finance Corporation and existing investor Axis Bank, who together invested $107 million.
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The National Investment and Infrastructure Fund (NIIF) on December 21 announced that it completed raising funds for its NIIF Master Fund, achieving a size of $2.34 billion, exceeding its target of $2.1 billion.
Top investors include Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment manager, US International Development Finance Corporation (DFC), the United States government’s development finance institution, and existing investor Axis Bank, who together invested $107 million.
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A sparring match with an activist is a bigger deal for TransCanada than the company’s troubled Keystone XL pipeline. The proposed $8 billion conduit of tar-sands oil from Alberta to Texas failed to muster enough votes in the U.S. Senate on Tuesday night. But even if the long-delayed project dies, the lost value could pale next to the extra lucre a New York hedge fund thinks shareholders would reap from a breakup of the $35 billion company.
Sandell Asset Management thinks the Canadian pipeline operator could be worth about a third more if it spun off its non-core power generation business and made better use of a tax-advantaged U.S. subsidiary. Sandell argues there are no obvious synergies from owning both petroleum pipelines and power plants. Additionally, it says TC Pipelines, a U.S. master limited partnership controlled by TransCanada, isn’t being used to its full potential.