IFC Asset Management Company (AMC), a wholly-owned subsidiary of the International Finance Corporation (IFC), has raised a total of US$1.2 billion for its infrastructure equity fund.
The IFC Global Infrastructure Fund (GIF), which will be managed by an AMC team based in Washington and Singapore.
The fund is aimed at making equity and equity-related investments in sectors such as power, transport, utilities and telecommunications in developing countries.
The IFC GIF is part of World Bank’s strategy for greater mobilisation of the private sector to promote economic growth and development.
IFC AMC CEO, Gavin Wilson, said while infrastructure investing has grown in developed markets, it is still largely an orphaned asset class in many emerging regions.
"The fund will help to fill this gap, taking advantage of the risk mismatch and benefiting from IFC’s extensive track record and expertise in such investments," Wilson added.
The fund was collected from 11 investors including IFC and Singapore’s sovereign wealth fund GIC as anchor investors, and nine other sovereign and pension fund investors from Asia, the Middle East, Europe and North America.