The government’s National Investment and Infrastructure Fund (NIIF) is in talks with private equity firm Everstone Group for a tie-up to manage its Green Growth Equity Fund (GGEF), said two people aware of the development. GGEF, which will invest in renewable energy assets, is a joint venture between NIIF and the UK government. NIIF, an institution sponsored by the government of India, is a collaborative investment platform for international and Indian investors.

“NIIF has been involved in talks with Everstone Group for a tie-up to manage the green fund. The corpus of the fund is expected to be in the range of $500 million to $1 billion. NIIF and the UK government will commit capital for the fund and, if the talks are successful, Everstone will act as the general partner to the fund and will find investment opportunities for the fund,” said one of the persons cited above, requesting anonymity as he is not authorized to talk to reporters.

The fund is also likely to raise third party capital in addition to the commitment by NIIF and the UK government, he added.

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