Australia-based IFM Investors has closed on $420 million in capital commitments for two infrastructure debt funds, The Korea Herald, reported on Aug. 13.
Eight South Korean insurance firms invested capital in the fund, including Hanwha Asset Management and Hyundai Investments, which will manage funds worth $190 million and $230 million, respectively.
IFM Investors grew its assets by $34 billion for a total of $140 billion in total funds under management during the financial year ending June 30, according to Financial Review.
The firm manages funds across the infrastructure, debt investments, liquid equities and private equity asset classes. Within the infrastructure sector, the firm manages A$57.9 billion ($40.6 billion) in infrastructure on behalf of more than 360 institutional investors, targeting core infrastructure in developed markets. IFM currently has interests in 33 investments across Australia, North America and Europe.
According to The Korea Herald, IFM will source and manage offshore deals for the investors, including the first investment in an operating combined gas cycle plant in the United States.
The close marks IFM’s third debt fund to launch in Korea.