India’s quasi-sovereign fund, a decade in the making and more than Rs 48,000 crore in size, has already met a key benchmark of success: it has raked up half a dozen clean exits.

Run the lens over the exits, though, and they tell a story of their own: the National Investment and Infrastructure Fund’s buyers are often, if not always, its own investors. Which means it need not worry about harvesting its bets. The fund, that’s to say, is designed never to lose.

Just as well, since the NIIF is purposed to help........

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