Executive Director and CIO – Growth Equity, managing the Strategic Opportunities Fund. Prakash Rao is the Executive Director and CIO for Indirect Investments, a financial services veteran with over three decades of experience. He is also one of the founding members of NIIF. Ambalika Banerji is the Executive Director – Direct Investments. Funds NIIF manages three funds: Master Fund, Fund of Funds and Strategic Fund. The funds were set up to make investments in India by raising capital from domestic and international institutional investors. Master Fund The Master Fund is an infrastructure fund with the objective of primarily investing in operating assets in the core infrastructure sectors such as roads, ports, airports, power etc. The Fund made its final close in December 2020, achieving a size of INR equivalent of USD 2.34 billion, exceeding its target of USD 2.1 billion. Fund of Funds The Fund of Funds anchor and/or invest in funds managed by fund managers who have good track records of delivering returns to investors. The Fund invests in several sectors including green energy, social infrastructure, mid-income and affordable housing, technology, and others. Strategic Opportunities Fund Strategic Opportunities Fund invests in growth equity and provides long-term capital to strategic and growth-oriented sectors in the country with the aim to build domestic leaders. Investors in the Fund The government of India has anchored the NIIFL funds and is a 49% investor in each of the funds managed by NIIFL. NIIF Master Fund announced its final close in December 2020 at USD 2.34 billion. Its investors include the Government of India, Abu Dhabi Investment Authority (ADIA), Temasek, Ontario Teachers’ Pension Plan, AustralianSuper, CPP Investments, PSP Investments, US International Development Finance Corporation, and domestic institutional investors including HDFC Group, ICICI Bank, Kotak Mahindra Life, and Axis Bank. NIIF Fund of Funds is a USD 600 million fund with investors including the Government of India, the Asian Infrastructure Investment Bank, the Asian Development Bank, and the New Development Bank. Investments NIIF Master Fund In February 2018, Master Fund created its first platform along with DP World to invest in the ports and logistics sector in India. Together, NIIF and DP world announced the investment of $3 billion in the platform. In March 2018, Hindustan Infralog, the joint venture platform between DP World and the NIIF announced that it bought 90% stake in the logistics firm Continental Warehousing. In June 2022, NIIF expanded its