Saudi Arabia's sovereign wealth fund PIF will become an anchor investor in an infrastructure fund being launched by Bahrain's Investcorp (INVB.BH) and Aberdeen Standard Investments.
Aberdeen Standard Investcorp Infrastructure Partners (ASIIP) received a capital commitment from the $430 billion PIF for up to 20% of the total size of the fund ahead of its anticipated first closing, Investcorp said in a statement on Thursday.
The statement did not give the size of the fund, but the Financial Times reported on Wednesday it could be as much as $800 million and its first close will be $250 million.
The new fund has also received board approval from the Asian Infrastructure Investment Bank to commit $90 million, the statement said.
It could be joined by other global institutional investors including pension funds, insurance companies, endowments, family offices and private clients, the fund said.
ASIIP aims to participate in the post-COVID-19 economic recovery and reform in countries across the countries of the Gulf Cooperation Council and the wider Middle East and North Africa region by investing in sustainable core infrastructure projects.
Investcorp is a global alternative investment manager with around $35.4 billion in assets under management.