QIC has stopped fundraising for its global infrastructure fund, having recieved commitments of AUD2.35bn (€1.69bn), above its original target of AUD1.75bn.

The commitments, secured over an 18-month period, came from 20 global investors, including institutions in Japan, Korea, China, the US and Europe.

The QIC Global Infrastructure Fund, which had its first close last August, has already made three investments, including Lochard Energy, the operator of the Iona GasPlant.

It has also invested alongside the Future Fund in AGL’s Powering Australian Renewables Fund, and led a consortium to buy the Port of Melbourne.

QIC was also among bidders for Endeavour Energy, an electricity generation business owned by the New South Wales government.

With gearing of about 50%, the fund will have an investment capacity of up to AUD9bn and will be able to participate in the privatisation of more government assets in New South Wales and Victoria.

It will also look offshore for investment opportunities, including in North America.

Ross Israel, head of QIC Global Infrastructure, said the investors supported the fund’s innovative structure and co-investment platform.

“We believe it is a further step in the continuing evolution of institutional infrastructure fund structures,” he said.