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First State Investments raises €1.4bn

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

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.