The Philippines Government Service Insurance System (GSIS) has partnered with the Asian Development Bank (ADB), Macquarie Infrastructure and Real Assets (MIRA) and Dutch pension fund asset manager APG Asset Management to launch a US$625 million fund dedicated to infrastructure investment in the Philippines. The Philippine Investment Alliance for Infrastructure (PINAI), as the fund is known, received commitments of US$400 million from GSIS and US$25 million from ADB, with the remainder committed by APG and the fund’s manager, MIRA. PINAI will target a portfolio of 5 to 10 core infrastructure projects, such as toll roads, rail mass transit, renewable energy, water and gas.