Aberdeen Standard Investcorp Infrastructure Partners (ASIIP) fund has reached its first closing after raising US$90 million in commitments from Asian Infrastructure Investment Bank (AIIB).

ASIIP has also received funds from Public Investment Fund (PIF)  for up to 20% of the total fund size. Managed by Aberdeen Standard Investments and Investcorp Group, this joint venture fund will operate in Gulf Cooperation Council (GCC) and the wider Middle East and North Africa (MENA) region.

The aim is to deliver solutions in health care, education, water, mobility and digital infrastructure that will benefit local communities and future generations. The fund targets greenfield and brownfield social and core essential infrastructure assets in such sectors as healthcare, education, utilities, social housing, smart cities, roads, and rail.