NHAI Infrastructure Fund I
Yield p.a.
12.4%
Fund Type
Infrastructure Fund
Fund Target Size
₹12,000 Cr
Fund Tenure
25 Years
Min. Commitment
₹1 Crore
Fund Structure
Close-Ended Irrevocable Infrastructure Trust
About the Fund
NHAI Infrastructure Fund I invests exclusively in Hybrid Annuity Model (HAM) and Build-Operate-Transfer (BOT) highway projects under India's National Infrastructure Pipeline. The fund provides investors with predictable, inflation-linked annuity cash flows underpinned by NHAI's sovereign credit — offering a long-duration yield instrument with de facto government guarantee backing quarterly distributions.
India's highway construction programme — at 40 km/day and accelerating under PM Gati Shakti — creates a decade-long pipeline of investible HAM projects. The fund selects only projects with completed environmental clearances, >90% land acquisition, and achieved "appointed date" status — ensuring investors are not exposed to pre-construction execution risk. NHAI annuity payments provide regular quarterly distributions with built-in inflation escalation clauses.
Fund Manager Details
NHAI Investment Management Division
Professional Infrastructure Fund Management Team
45-person team of infrastructure finance, project management, and legal professionals
The fund is managed by NHAI's dedicated investment management division headed by a Joint Secretary-level officer with oversight from NHAI's Board and an independent Investment Committee. The team manages the entire project selection, due diligence, and ongoing monitoring functions, backed by NHAI's sovereign credibility and access to India's entire national highway portfolio.
Fund Details
SEBI AIF Registration
IN/AIF1/18-19/0489
Fund Category
Category I AIF – Infrastructure Fund
Project Concession Period
15–30 years per project
Investment Period
5 years (project-by-project deployment)
Distribution Frequency
Quarterly (HAM annuity payments)
Management Fee
0.75% p.a. on deployed capital
Hurdle Rate
8% p.a.
Carried Interest
15% above hurdle
Fund Administrator
SBI Cap Securities
Trustee
SBI Cap Trustee Company
Tax Treatment
Pass-through under Sec 115UB; distributions partially exempt under Sec 10(23FBA)
Interested in this fund?
Speak with our institutional advisory team for eligibility, documentation, and onboarding.