QIC has raised £338m for a global infrastructure fund.

Four institutional investors, including an Asian sovereign wealth fund and an Australian pension scheme, backed the strategy with initial capital commitments.

The expectation among market observers is that more capital will come out of Australia in the coming months as its state governments begin to privatise infrastructure assets.

Damien Frawley, chief executive at QIC, said: “This is an exciting time for investment opportunities and further growth in the infrastructure sector in key markets around the world, including in the US and Europe.”

QIC, which currently manages more than £2.7bn in direct transport, utilities and public-private partnership assets, said it has hired Paul Costello as independent chairman of its Global Infrastructure Investment Committee.

Costello, the inaugural chief executive of Australia’s Future Fund and first chief executive of the New Zealand Superannuation Fund, joined QIC late last year.

We have significant global growth plans for our infrastructure capability, as evidenced by our new global fund,” Frawley said.

QIC said it was working to gain regulatory approvals for the new fund in a “number of international jurisdictions”.