Jun 26, 2014 - Largest private equity infrastructure fund dedicated to the 57 member countries of the IDB -. - ASMA Capi
ISLAMIC DEVELOPMENT BANK ANNOUNCES US$2 BILLION IDB INFRASTRUCTURE FUND II ‐ Largest private equity infrastructure fund dedicated to the 57 member countries of the IDB ‐ ‐ ASMA Capital Partners established and based in Bahrain to manage the IDB Fund II –
Jeddah, June 26 2014 – His Excellency Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank (IDB) Group, announced the launch of the US$2 billion Islamic Development Bank Infrastructure Fund II (the IDB Fund II), on the occasion of the 40th anniversary of the IDB. The IDB Fund II is the largest private equity infrastructure fund dedicated to the 57 member countries of the IDB. The IDB Fund II is supported by the Public Pension Agency of the Kingdom of Saudi Arabia, the Public Investment Fund of the Kingdom of Saudi Arabia, the Ministry of Finance of the Kingdom of Bahrain and the Ministry of Finance of the Sultanate of Brunei Darussalam as founding investors, with aggregate commitments totaling US$750 million for the first closing. A final closing with additional investors is targeted for early 2015. The IDB Fund II is the successor to the US$730 million IDB Infrastructure Fund I (the IDB Fund I), also supported by the founding investors, which achieved an IRR of 18% and an investment multiple of 1.7 times across signature projects such as AirAsia in Malaysia, Saudi International Petrochemical Company (SIPCHEM) in Saudi Arabia and AES Oasis Ltd with power assets in Pakistan, Oman and Jordan. H.E. Dr. Ahmad Mohamed Ali said “building on the successful track record of IDB Fund I, the IDB and founding investors are nearly tripling the size of the IDB Fund II to US$2 billion. The fund will mobilise up to US$24 billion of aggregate financing to support the development of key infrastructure projects in IDB member countries.” IDB and the founding investors have established ASMA Capital Partners B.S.C (c), based in the Kingdom of Bahrain, as a multi‐fund asset management platform to manage the IDB Fund II. The Chairman of ASMA Capital is the President of the IDB Group, and the Vice Chairman is H.E. Mohammed Al‐Kharashi, the Governor of the Public Pension Agency of the Kingdom of Saudi Arabia. The other Board Members are H.E. Dato Paduka Haji Bahrin bin Abdullah, Deputy Minister of Finance of the Sultanate of Brunei Darussalam, Mr. Abdulla Ebrahim Al Ayadhi, Assistant Secretary General of the Public Investment Fund of the Kingdom of Saudi Arabia and Mr. Sami Mohammed Humaid, Director of Foreign Economic Relations of the Ministry of Finance of the Kingdom of Bahrain. The management team is led by the CEO of ASMA Capital, Stephen Vineburg. H.E. Mohammed Al‐Kharashi said “ASMA Capital is expected to play a significant role in assisting pension funds and other global investors seeking to deploy capital into infrastructure projects in select emerging markets for portfolio diversification and stable return.”
The IDB Fund II will have a broad sectorial focus beyond core infrastructure sectors of power, telecommunications, transportation, and will include investment in oil and gas, refinery and petrochemicals, steel and aluminum, mining, logistics and an allocation for healthcare, education, and financial services. Key Contacts: CEO: Stephen Vineburg
[email protected]
CIO: Mohammad Gadad
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CFO: Abu Bakar Chowdhury
[email protected]
Editors’ Notes About IDB Infrastructure Fund II Established in 2014, the USD 2 Billion IDB Infrastructure Fund II provides an efficient investment vehicle for global and regional investors to capitalize on the infrastructure investment opportunities across Africa, the Middle East, and Asia. Anchor investors in the Fund include: Islamic Development Bank (IDB); Public Pension Agency (PPA), Kingdom of Saudi Arabia; Public Investments Fund (PIF), Kingdom of Saudi Arabia; Ministry of Finance, Kingdom of Bahrain; and Ministry of Finance, Brunei Darussalam. The Fund’s primary objective is to make private equity investments in infrastructure–related projects in the IDB’s 57 member countries, across Africa, the Middle East, Asia and Eurasia, as well as selected countries in South‐East Asia. The Fund may invest in a wide range of sectors, including power and energy, utilities, telecommunications, transportation, natural resources, healthcare and education. The IDB Infrastructure Fund II is the successor to the US$730 million IDB Infrastructure Fund L.P., which made significant investments in power, energy, transportation, telecommunications, mining and industrial sectors across Africa, Asia, and the Middle East. The IDB Infrastructure Fund achieved an investment multiple of 1.7x and an IRR of 18% over its life. About ASMA Capital Partners ASMA Capital Partners B.S.C.(c) is a multi‐fund asset management platform, established in the Kingdom of Bahrain to manage the IDB Infrastructure Fund II as its first Fund. It is licensed and regulated by the Central Bank of Bahrain. The shareholders of ASMA Capital are: Islamic Development Bank (IDB), Kingdom of Saudi Arabia; Public Pension Agency (PPA), Kingdom of Saudi Arabia; Public Investment Fund (PIF), Ministry of Finance, Kingdom of Saudi Arabia; Ministry of Finance, Kingdom of Bahrain; and Ministry of Finance, Sultanate of Brunei Darussalam. The Management Team, the majority of which managed the highly successful IDB Infrastructure Fund I, has several decades of private equity experience across the Middle East, Africa and Asia and a strong investment track record.
