Islamic Development Bank’s President Ahmad Mohammad Ali is pleased to announce the launch of the $2 billion Islamic Development Bank Infrastructure Fund II, the largest private equity infrastructure fund.
The IDB Fund II is supported by the Public Pension Agency of the Kingdom of Saudi Arabia, the Public Investment Fund of the Kingdom of Saudi Arabia, the Ministry of Finance of the Kingdom of Bahrain and the Ministry of Finance of the Sultanate of Brunei Darussalam as founding investors, with aggregate commitments totalling USD750 million for the first closing.
A final closing with additional investors is targeted for early 2015.
The IDB Fund II is the successor to the USD730 million IDB Infrastructure Fund I (the IDB Fund I), also supported by the founding investors, which achieved an IRR of 18 per cent and an investment multiple of 1.7 times across signature projects such as AirAsia in Malaysia, Saudi International Petrochemical Company (SIPCHEM) in Saudi Arabia and AES Oasis Ltd with power assets in Pakistan, Oman and Jordan.
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