ASI and Investcorp fund scores PIF capital commitment

Riyadh-Saudi ArabiaAn infrastructure fund jointly managed by Aberdeen Standard Investments (ASI) and Bahrain-based Investcorp has secured Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), as an anchor investor. The PIF will commit up to 20% of the fund’s total value in advance of its first closing. The fund, Aberdeen Standard Investcorp Infrastructure Partners (ASIIP), has also secured backing from the Asian Infrastructure Investment Bank after its board approved a US$90 million investment. According to a statement, ASIIP was established to capitalise on the “economic transformation in the Gulf Cooperation Council (GCC) and wider Mena region by investing in sustainable core infrastructure projects”. Investments will be focused on a number of sectors including healthcare, education, water, mobility and digital infrastructure. “Today’s uncertain and challenging economic environment has created a gap between the need to develop or upgrade critical infrastructure and the resources available for such projects,” said Hazem Ben-Garcem, co-chief executive of Investcorp. ©2021 funds global mena

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