TPG, ICICI Bank, GIC to acquire Aseem Infrastructure Finance from NIIF

3 min readMumbaiJul 6, 2026 08:41 PM IST

ICICI Bank will hold up to a 5% stake in the company. (File Photo)

US-based TPG, a leading global alternative asset management firm, has signed definitive agreements with the National Investment and Infrastructure Fund (NIIF) to acquire a 100% stake in Aseem Infrastructure Finance, alongside co-investors GIC of Singapore and ICICI Bank.

TPG’s investment is being made through TPG Rise Climate, the firm’s dedicated climate investing platform, as part of its Global South Initiative, a strategy launched in partnership with ALTÉRRA to scale climate solutions across emerging markets. ICICI Bank will hold up to a 5% stake in the company.

While NIIF and TPG did not disclose the value of the transaction, market estimates peg the deal at around Rs 5,000 crore.

Headquartered in Mumbai, Aseem Infrastructure Finance is a leading sustainable infrastructure debt financier focused on renewable energy, power transmission and other infrastructure assets in India.

The company was established by NIIF in 2020. NIIF, India’s sovereign-linked alternative asset manager, is the majority shareholder, while the Government of India and Japan’s SMBC are minority shareholders.

Aseem has disbursed over Rs 40,000 crore in loans across critical infrastructure sectors, financing over 27 GW of renewable energy projects and more than 2,000 circuit kilometres (ckm) of power transmission projects. These investments have cumulatively helped abate 33 million tonnes of greenhouse gas emissions.

TPG Rise Climate is the dedicated climate investing platform of TPG, which was founded in San Francisco in 1992. TPG is a leading global alternative asset management firm. The firm manages $306 billion in assets and has investment and operational teams across the world.

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Aseem has been a first mover in India’s sustainable debt financing space, having built a platform that is uniquely positioned to address the country’s growing climate debt financing needs. “We are excited about our investment and look forward to partnering with the management team to be a catalyst through funding climate solutions that drive energy addition and resilience in India, in line with the India government’s target to reach 500 GW of renewable energy capacity by 2030,” said Sanjeev Mehra, Business Unit Partner at TPG Capital Asia.

“Aseem’s growth journey reflects NIIF’s ability to incubate and scale institutional-grade platforms, with strong profitability, governance and asset quality. This transaction underscores growing global investor confidence in India’s sustainable infrastructure and climate financing market. We look forward to Aseem’s continued growth under the stewardship of TPG, GIC and ICICI Bank,” said Nilesh Shrivastava, Partner, Growth Equity, NIIF.

George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector.

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