Actis has raised $1.23bn (€1.34bn) for its first emerging markets-focused infrastructure fund.

The manager said the amount raised for the Actis Long Life Infrastructure Fund (ALLIF), together with co-investment, gives the fund up to $2bn of investable capital.

ALLIF’s investor base is made up of institutional investors from North America, Europe, Latin America, Middle East and Asia, the manager said.

As previously reported South Carolina Retirement System approved a $75m commitment to the fund which targets core infrastructure in developing markets.

ALLIF will target operating infrastructure assets across Latin America, Africa and Asia while driving operational improvements over a long term hold period.

The manager said ALLIF has already identified a pipeline of $8bn and has committed to investments which include a 100MW solar PV plant in the Atacama region of Chile and 137MW of operational wind generation assets located in Brazil.

Actis was founded in 2004 as an investment spin-out of CDC Group, a development finance institution sponsored by the UK government to finance businesses located in the British Commonwealth.