IL&FS Infra Asset Management Limited (IIAML), an Asset Management Company promoted by IL&FS Financial Services Limited (IFIN) to manage the IL&FS Infrastructure Debt Fund (IIDF), has raised ? 7.50 billion for the fund’s first set of close ended schemes, IIDF – Series 1A, 1B and 1C having maturities of 5, 7 and 10 years, respectively.
With this closure, the fund has earned the distinction of being the first IDF in the country to successfully raise funds from investors.
Speaking on the occasion, Ravi Parthasarathy, Chairman-IL&FS Group said, “IL&FS IDF would be an integral part of the IL&FS Group’s efforts of contributing to the development of Infrastructure sector in India.” Further, Mr Ramesh Bawa, Managing Director and CEO, IFIN expressed , “Our initial fund raise is just the beginning – we eventually intend to scale up the asset under management to USD 5.0 billion through launch of various other schemes targeting fund raising from domestic and offshore long term investors.”
After the regulations for Infrastructure Debt Fund were announced by the Government in 2011, IFIN was amongst the first institutions to announce its intent to launch an Infrastructure Debt Fund under mutual fund structure, in partnership with Life Insurance Corporation of India. The Fund, IL&FS IDF was inaugurated by Honorable Finance Minister P. Chidambaram on February 9, 2013 in Mumbai and IIAML launched first set of schemes of IIDF in June 2013 after conceptualizing the product and obtaining highest rating by two rating agencies, India Ratings & Research and Care. Since then, investment in schemes of IL&FS IDF has been approved by PFRDA and IRDA, as eligible investment, for investment by National Pension Scheme and Insurance Companies, respectively. In view of this, IIAML proposes to launch more schemes of IL&FS IDF targeting domestic insurance and pension funds, apart from a few offshore investors through whom funds are proposed to be raised via feeder fund route.
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