GIC invests in infrastructure equity fund

[SINGAPORE] The Republic's sovereign wealth fund GIC has become an anchor investor in IFC Asset Management Company's US$1.2 billion infrastructure equity fund.

International Finance Corporation (IFC), a member of the World Bank group, said yesterday that it had completed fundraising for the IFC Global Infrastructure Fund, whose mandate is to make equity and equity-related investments alongside IFC in a broad range of infrastructure sectors in developing countries.

Besides anchor investors IFC and GIC, the fund has raised capital from nine sovereign and pension-fund investors from Asia, the Middle East, Europe and North America, allowing it to surpass its target of US$1 billion.