Global Infrastructure Partners is seeking $5 billion for its debut emerging-markets fund, according to a person familiar with the matter.
The fund is targeting gross U.S. dollar returns of 20% annually and will focus on transport, energy, water and waste investments in middle-income countries in Latin America and Asia, excluding India, said the person, who requested anonymity because the fundraising is private. Representatives for GIP didn’t immediately respond to requests for comment.
GIP’s fund will be managed by Jim Yong Kim, the former president of the World Bank, and Jin-Yong Cai, the former CEO of the International Finance Corp. who more recently worked at TPG.
GIP, which oversees more than $51 billion, is led by Adebayo Ogunlesi, a former Credit Suisse Group AG executive who’s also the lead director of Goldman Sachs Group Inc.’s board. The firm is also eyeing up to $22 billion for its fourth global infrastructure fund, which would be the industry’s biggest