The Standard Chartered IL&FS Asia Infrastructure Growth Fund (SCI Asia) has completed the second close of its fund at $601 million, reports PEI Asia, quoting Andrew Yee, co-chief executive of the fund. In January 2009, the fund held its first close at $568 million. Since then, the fund added $33 million more and is calling it the second close. The firm is targeting a final close of $800 million by September.
An email to Archana Hingorani, Executive Director, IIML, requesting for more information, has not elicited a response till the time of writing this report.
SCI Asia is co-sponsored by Standard Chartered and IL&FS, an Indian infrastructure development and financial services company. They have committed $150 million each to the fund. Swiss fund of funds manager Partners Group is also an investor in the fund, besides six other institutional investors, according to PEI.
This would be the first case of Indian fund managers raising a fund with a pan-Asia focus.
The fund made its maiden India deal last year by picking up a 5% stake in IL&FS Transportation Networks (ITNL) for Rs 130 crore, valuing the firm at Rs 2,600 crore ($520 million).
The Singapore-based fund invests in sectors like energy and power, telecom, transportation besides environmental and social infrastructure. In May 2008, the fund invested $82 million in China Water Holdings.
The fund invests in China, India and Southeast Asia across traditional infrastructure sectors such as toll roads, power plants and power distribution. Its average deal size is between $50 and $100 million. It is open to co-investment opportunities.
SCI Asia has 15 investment professionals split evenly between Beijing, Mumbai and Singapore.
IL&FS is one of India’s oldest private equity firms and has about $1.9 billion under management. IL&FS had also last year announced close of its real estate fund at $895 million, above its target.