Airport Fund


  • Key Highlights
  • Fund Structure
  • Offering
  • Investment Guidelines

• First time in India an “AIRPORT” Specific Fund of Rs. 10,000 Crores is being raised to invest in Green Field and Brown Field Airports.

• Airport Development in India require US$ 100 billion investment in next 10 years.

• Air Traffic Growth in India is between 15- 20 % in the last 5 years.

• India is the 3rd Largest Aviation Market in the World.

• The total Passengers during FY 2017-18( April 2017– March 2018 ) was 30.88 crores.

• The total Passengers( Domestic + International) during the FY 2018-19 ( April 2018 – March 2019) is 34.47 crores.

• The Air traffic growth rate is 11.60% year on year.

• Table showing the Air Traffic Growth in last 13 years.


  FY:05-06 FY:18-19 Growth
  In Million In Million In %
Domestic Passenger 51 275.22 439.64
International Passenger 22 69.48 215.81
Total 73 344.7 372.19
*Source: AAI & IBEF

Trust - Taking Off To The Future Airport Fund has been set up as an irrevocable and determinate trust under a deed of indenture dated December 20, 2018 (“Indenture”), in accordance with the provisions of the Indian Trusts Act, 1882.

Taking Off To The Future Airport Fund for Rs. 10000 Crores (US$ 1.5 Billion) has been APPROVED by Securities and Exchange Board Of India (SEBI) as a Category II Alternative Investment Fund (“Category II AIF”) under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”).


Sponsor and Investment Manager - Taking Off To The Future Investment Managament LLP (“Sponsor” or “Investment Manager”) is the sponsor and the investment manager of the Fund. The Sponsor/Investment Manager was incorporated on December 6, 2018, and has its office at No. 42, Kamaraj Avenue 1st Street, Adyar, Chennai, 600020.

The Trustee has appointed the Taking Off To The Future Investment Management LLP, to act as the investment manager of the Trust and its schemes under an investment management agreement dated December 20, 2018 (“Investment Management Agreement”).


The Trustee has appointed the Taking Off To The Future Investment Management LLP, to act as the investment manager of the Trust and its schemes under an investment management agreement dated December 20, 2018 (“Investment Management Agreement”).

Contributors - The Fund will invite contributions from banks, corporates, institutional investors , insurance companies, pension fund, higher net worth individuals and other investors in India or abroad as permitted under the AIF Regulations.

Target Size - The Fund will target capital contributions (“Capital Contributions”) of Rs.10 million (Rupees One Crore ) to Rs.10,000 Million (Rupees Thousand Crores). The Contributors shall make such Capital Contributions in accordance with the contribution agreement executed between the Trustee, the Investment Manager and such Contributor (“Contribution Agreement”).

The Trustee and the Investment Manager shall have the option, at their discretion, to raise Capital Commitments, subject to the maximum size of the Fund, not exceeding Rs. 100 Billion (Rupees Ten Thousand Crores).

Investment Objective - The primary objective of the Fund shall be to carry out the activities of a Category II AIF as permissible under the AIF Regulations, to make investments in Portfolio Companies and generate superior returns for the Contributors.

Investment Policy - The Fund will make Investments in Portfolio Companies from time to time in compliance with certain broad guidelines as set out below:

Nature of investments: The Fund will primarily invest in Portfolio Companies involved in green field, and brown field airports and aerotropolis consisting of hotels, IT parks, logistic parks, educational and medical services, convention centres, commercial and residential buildings.The Fund may also invest in other Securities as permitted under the AIF Regulations.


Target Return - The Fund will target Investments which will generate a gross investment internal rate of return (“IRR”) of 20% (Twenty Percent) per annum on Investments, before taxation and all expenses. However, the Investment Manager does not provide any guarantee or assurance that the Fund will achieve its targeted IRR.