The Queensland-based asset manager, Queensland Investment Corporation (QIC) has sought to raise US$1 billion for its second infrastructure debt fund, which is a 10-year closed-end vehicle with an option for two one-year extensions.

The QIC Infrastructure Debt Fund II (QIFDII) targets a gross Internal Rate of Return (IRR) of at least 10% and a net IRR of 8.5%. The fund will extend loans to assets in four key sectors: energy, digital infrastructure, transport and logistics, and regulated assets. It plans to issue approximately 10-15 loans, predominantly subordinated loans, with a smaller portion being unitranche loans. QIC oversees more than US$1 billion in private debt assets under management and committed capital, including US$600 million in multi-sector private debt and over US$400 million in infrastructure debt. Notable recent transactions include loans to Porter Aviation Holdings and CityFibre.