Several sources have confirmed that First State Investments has raised €600 million in equity in a second wave of fundraising for its European Diversified Infrastructure Fund. The fund had already announced in 2011 that it had raised more than €600 million.

The European Diversified Infrastructure fund is a long-term semi-open ended vehicle with an indefinite term. According to Preqin, First State is targeting €1.5 billion for its fund.

First State Investments has been actively expanding its presence in the European market since establishing an infrastructure investment office in the UK in 2005. The investments of First State European Diversified Infrastructure Fund include among others:

• Electricity North West, a regulated UK electricity distribution network;
• Anglian Water Group, a regulated UK water and wastewater business, and
• Reganosa, a regulated Spanish LNG regasification plant and gas transmission network.
• Digita Oy, Finland's leading provider of broadcast tower infrastructure

First State Investments is the international arm of Colonial First State Global Asset Management (CFSGAM), the specialist asset management business of the Commonwealth Bank of Australia. CFSGAM is one of the largest Australian-based investment managers.