Singapore's GIC invests in IFC's $1.5 billion infrastructure fund
SINGAPORE (Reuters) - Singapore's sovereign wealth fund, GIC has become an anchor investor in IFC Asset Management Co's US$1.2 billion (S$1.5 billion) infrastructure equity fund that also raised capital from several other sovereign wealth funds and pension funds.
The fund's mandate is to make equity and equity-related investments alongside International Finance Corp (IFC) in a broad range of infrastructure sectors in developing countries, according to an IFC statement. The fund's initial target was US$1 billion. The IFC is part of the World Bank.
Apart from IFC and GIC, which both acted as anchor investors, nine sovereign and pension fund investors from Asia, the Middle East, Europe and North America made capital commitments to the fund.
The fund, which is named IFC Global Infrastructure Fund LP, will be managed by a team based in Washington, DC and Singapore.