JPMorgan Asian fund tops $600m in commitments

Headed by Hong Kong-based managing director Philip Jackson, the Asian Infrastructure & Related Resources Opportunity fund is ultimately targeting $1.5bn in commitments for opportunities in China, India and other Southeastern Asian countries.

JPMorgan Asset Management’s Asian Infrastructure & Related Resources Opportunity (AIRRO) fund has topped $600 million in commitments toward its fundraising goal of $1.5 billion, according to marketing documents dated as of January.

Sister website PrivateEquityOnline reported in August 2008 that the fund held a first close on $500 million. JPMorgan is a $75 million investment participant in the fund.

The 10-year closed-end fund, with optional two year extension, focuses on investments in China, India and other Southeastern Asian countries. It aims to achieve target net returns to investors in excess of 19 percent.

A team of 19 investment professionals is dedicated to the fund across Hong Kong, Singapore and Mumbai. Hong Kong-based managing director Philip Jackson heads AIRRO, which is JPMorgan’s second infrastructure fund alongside the open-ended global infrastructure fund it launched in 2007.

JPMorgan set up its infrastructure arm in February 2006, tapping Mark Weisdorf, former head of alternative investments at the Canada Pension Plan Investment Board, as its global chief investment officer. Weisdorf heads the open-ended global infrastructure fund.

JPMorgan’s infrastructure team is a part of JPMorgan’s Real Assets Group, which is overseen by Joe Azelby. That group has more than 375 professionals and focuses on real estate and infrastructure investments.

On the real estate side, the group closed a $600 million Greater China Property Fund in early 2008 as well as a similar property fund dedicated to India on roughly $360 million in 2006.