MUMBAI, April 29 -- Neo Alternative Asset Managers has reached the first close for its Rs.5,000 crore infrastructure income fund, as it doubles down on operating road and renewable assets backed by long-term contracts.

"Including the first close, we have raised Rs.1,500 crore till now for the fund," Abishek Goel, managing director and head of NAAM's infrastructure and real assets fund told Mint.

Neo Infra Income Opportunities Fund II, as the fund is called, will invest in operational, revenue-generating road and renewable energy assets supported by long-term contracts with government counterparties, Goel said. "The strategy allocates the majority of capital to operating assets, with the remainder directed toward opportunities such as pr...