First State Investments raises €1.4bn

The asset management division of the Commonwealth Bank doubles target in latest fund close.

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Colonial First State Global Asset Management has closed the second series of its European Diversified Infrastructure Fund II on €1.4 billion, bringing the fund’s total size to €2.1 billion. The firm has doubled the initial €700 million targeted for the second round of EDIF II at the outset of the series’ fundraising in the autumn. The fund will target core and core-plus assets in Europe’s utility, energy and transportation sectors.

LPs in the fund include Finnish pension group Elo and UK-based local authority schemes in Swansea and Worcestershire.