IDB introduces largest private equity fund dedicated to its member countries

77 days to go Monday 30th June 2014 IDB introduces largest private equity fund dedicated to its member countries Daily Cover GLOBAL: The IDB has introduced the US$2 billion Islamic Development Bank Infrastructure Fund II (IDB Fund II), the largest private equity infrastructure fund catered to the 57 member countries of the IDB. Commenting on the newly launched fund, IDB president Dr Ahmad Mohamed Ali pointed out: "Building on the successful track record of IDB Fund I, the IDB and founding investors are nearly tripling the size of the IDB Fund II to US$2 billion. The fund will mobilize up to US$24 billion of aggregate financing to support the development of key infrastructure projects in IDB member countries." The IDB Fund II is the successor to the US$730 million IDB Infrastructure Fund I (IDB Fund I), which recorded an internal rate of return of 18%. The IDB Fund I had an investment multiple of 1.7 times across major projects such as AirAsia in Malaysia, Saudi International Petrochemical Company in Saudi Arabia and AES Oasis with power assets in Pakistan, Oman and Jordan. The IDB Fund II will have a broad sectorial focus beyond core infrastructure sectors of power, telecommunications, transportation, and will include investment in oil and gas, refinery and petrochemicals, steel and aluminium, mining, logistics and an allocation for healthcare, education, and financial services. Supported by the Public Pension Agency and the Public Investment Fund of the Saudi Arabia, the Ministry of Finance of Bahrain and the Ministry of Finance Brunei Darussalam as founding investors, the parties have committed US$750 million for the first closing. A final closing with additional investors is targeted for early 2015. The fund will be managed by ASMA Capital Partners, a multi-fund asset management platform based in Bahrain, established by the founding partners. The platform is expected to play a significant role in assisting pension funds and other global investors seeking to deploy capital into infrastructure projects in select emerging markets for portfolio diversification and stable return. 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