Veteran investor Rajiv Jain’s GQG Partners LLC has raised its stake in billionaire Gautam Adani’s conglomerate by about 10 percent and will take part in the conglomerate’s future fund raising, doubling down on what he calls “the best infrastructure assets available in India.”

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“Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family,” Jain, GQG’s chief investment officer, said in an interview. “We would certainly want to be partners in any of Adani Group’s new offerings.”

Jain said the value of GQG’s Adani holdings was close to $3.5 billion. He didn’t specify which companies he bought into or what part of the investment value came from direct purchases and rallies in Adani shares.

In March, GQG acquired almost $2 billion worth of shares in four of Adani’s firms from a family trust. That initial investment in the beleaguered conglomerate bolstered the tycoon’s companies after they were accused of “brazen” stock-price manipulation and corporate fraud by New York short-seller Hindenburg Research, causing Adani Group at one point to shed more than $150 billion in market value.