Korean institutions have invested KRW800 billion (US$700 million) in Brookfield Infrastructure Fund III a fund focused on transportation, renewable power, utilities and energy sectors in North America, Europe, South America and Australasia.

This fund is a continuation of Brookfield Infrastructure Fund II which closed in October 2013 with equity commitments totaling US$7 billion. Brookfield Asset Management is the fund manager.

Brookfield Infrastructure Fund III was initially targeted at US$7 billion in its first close by the end of March 2016. However, the fund currently expects to reach an amount close to US$14 billion of which it has achieved US$11.8 billion so far. The fund has a target internal rate of return (IRR) of between 12-15%.

Teachers’ Pension and Public Officials Benefit Association among other six institutions have committed the investment to the new global infrastructure fund. Other investors include New Mexico’s pension fund, Oregon Public Employees Retirement System and some sovereign wealth funds.