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BlackRock Inc., the world’s largest money manager, will boost investment in Southeast Asia, including the Philippines, through a multimillion-dollar credit fund backed by the International Finance Corp. (IFC), the private sector arm of the World Bank Group.
The IFC says BlackRock’s subsidiary, BlackRock Financial Management Inc., is managing a fund called Emerging Asia Infrastructure Credit Fund, which will finance industrial and infrastructure projects across Southeast Asia and South Asia. The fund aims to help these markets transition to a low-carbon economy.
The IFC plans to invest up to $50 million in equity subscriptions in the fund, which has a target size of $750 million under a blended-finance structure.
The proposed commitment includes up to $40 million in a senior tranche for IFC’s own account, and up to $5 million each in two junior tranches.
