Malaysia-based financial services group CIMB Group and Japan-based conglomerate Mitsubishi have held a first close for their joint fund ASEAN Industrial Growth Fund (AIGF) with US$130 million in capital commitments. Investors in the first close included Development Bank of Japan, Japan-based conglomerate Hitachi, steel manufacturer Yamato Kogyo and financial institutions The Toho Bank and Shinsei Bank. AIGF, which was launched in February 2015 and is aiming to reach US$200 million over the next 12 months, will target middle-market opportunities that are expected to benefit from urbanization, industrialization and improved infrastructure development.