The Standard Chartered IL&FS Asia Infrastructure Growth Fund (SCI Asia) has held its second close on $601 million, according to a source.
Standard Chartered and IL&FS, an Indian infrastructure development and financial services company, are the fund’s co-sponsors and have committed a total of $300 million.
In September 2008, the fund held a first close on $568 million. It is targeting a final close on $800 million by this September. Swiss fund of funds manager Partners Group is an investor in the fund, which has six other institutional investors, the source said.
To date, SCI Asia has deployed $200 million. The fund has a 5 percent stake in Indian toll road company ITNL; a 7 percent stake in Chinese power producer Meiya Power Company; and a 6.5 percent stake in Malaysian power company Malakoff. It also has 50 percent and 30 percent stakes, respectively, in Crystal Water and Standard Water. Both are affiliated Chinese water companies.
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 and it is open to co-investment opportunities.
SCI Asia has 15 investment professionals split evenly between Beijing, Mumbai and Singapore.