First State Investments has raised €2bn for its core European Diversified Infrastructure Fund (EDIF).

The investment manager said its fifth and final round of fundraising for EDIF attracted €721m in additional commitments.

First State said 49 institutional investors – with a majority being pension funds and insurance companies – had backed the fund, coming from Europe, Asia, Australia, the Middle East and North America.

EDIF is, targeting Europe’s utility and transportation sectors.

First State said that, since 2009, it has deployed or reserved 70% of total commitments (€2bn) in eight infrastructure companies.

Marcus Ayre, partner in the Direct Infrastructure Europe fund, said: “By focusing predominantly on European mid-market companies, we have been able to access traditionally less-competitive opportunities relative to the large deals.”

The firm has, it said, diversified across the water, gas, electricity, broadcasting towers and transportation sectors in the UK, Finland, Germany, Sweden, Denmark and Spain.