Saudi PIF set to anchor Aberdeen-Investcorp Gulf infrastructure fund

SectorFinancial Markets
CountrySaudi Arabia

Saudi Arabia’s sovereign (PIF) will become an anchor investor in the new Gulf infrastructure fund recently formed by Bahrain-based and Aberdeen Standard Investments. PIF has committed up to 20 percent of the total size of the fund, which is expected to invest in core infrastructure projects in the region, a statement confirmed on Thursday. The statement did not give the size of the fund, but the Financial Times reported that it could be around $800 million and its first close will be $250 million.

Investcorp and Aberdeen announced in May the appointment of former United Kingdom secretary of state for defence, Sir Michael Fallon, as chairman of their joint venture, Aberdeen Standard Investcorp Infrastructure Partners (ASIIP). The fund looks to participate in the economic transformation in the Gulf Cooperation Council (GCC) and the wider Middle East and North Africa (MENA) region. Investcorp also confirmed that the fund has already received board approval from the Asian (AIIB) to commit $ more...