Apis Growth Fund II, a private equity fund managed by Apis Partners, it is investing $110 million to acquire a minority stake in L&T Infrastructure Debt Fund (L&T IDF), the company said in a statement. L&T IDF is a subsidiary of L&T Finance Holdings and is involved in refinancing operating infrastructure projects in India. Of the total investment amount, 70 per cent will be in the form of growth capital for L&T IDF and 30 per cent will be earmarked for the purchase of shares from existing shareholders of subsidiaries of L&T Finance Holdings. Apis' investment in L&T IDF will support the growth of its loan book across a number of infrastructure sub sectors in India such as renewable energy, roads, power transmission, airports and ports. The investment will also strengthen its capital structure and further its technology and digitisation strategy. L&T IDF currently looks at private sector and PPP (public private partnership) infrastructure projects. Dinanath Dubhashi, MD and CEO at L&T Finance Holdings Ltd, said: “Our IDF business has built significant strengths in core areas of renewable energy, road and transmission financing, resulting in a high-quality loan book and consistent returns. This partnership with Apis is a reflection of the value creation that the Indian infrastructure financing space offers to investors looking for sustainable returns in the long term.” Matteo Stefanel, co-founder and managing partner at Apis Partners LLP, said: “With India projected to be the fastest growing infrastructure market over the next five years, we are delighted for the fund to invest in L&T IDF. The fund's investment will support the company in its mission of facilitating infrastructure growth, a critical factor for the development of industry, agriculture and trade in emerging markets.”