South Carolina Retirement System (SCRS) has approved a $75m (€66.8m) commitment to Actis Long Life Infrastructure Fund, an emerging markets-focused vehicle that is expected to raise $1.5bn this year.

SCRS said in a board meeting document that it was seeking access to core infrastructure in developing markets.

According to data from Preqin, the Actis Long Life Infrastructure Fund was launched in September 2017 with a target size of £2bn (€2.2bn), which was later lowered to £1.5bn. The fund held a first close for an undisclosed sum in March this year, Preqin said.

According to sources familiar with the matter, the Actis fund is likely to reach its target and a final close this year.

The closed-ended fund, which has a projected 15-year life, will target assets that include renewable power generation, electricity transmission and natural gas pipelines in Latin America, Asia and Africa.

The Actis fund is expected to make a eight to 10 investments in core operational assets and will target net returns of 11% to 13%.

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.