Explanation:

NIIF currently manages three funds each with its distinctive investment mandate. The funds are registered as Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI).

1. Master Fund: A fund focused on creating scalable sectoral platforms in core infrastructure and in collaboration with strong and reputed operating and financial partners.
2. Fund of Funds: A fund focused on anchoring and investing in credible and reputed third party managers with a strong track record across diversified sectors within infrastructure services and allied sectors.
3. Strategic Fund: A fund focused on investing in strategic assets and projects with longer term horizon across various stages of development.