The Islamic Development Bank (IDB) Group, an international financial institution, has announced that IDB Fund II has reached a first close with US$750 million in commitments. IDB Fund II, which is targeting US$2 billion and aims to hold a final close in early 2015, is managed by Bahrain-based multi-fund asset management platform ASMA Capital Partners. The fund will invest in infrastructure-related projects in the IDB’s 57 member countries, which are spread across the Middle East, Asia and Africa. Investors in the fund included the Public Pension Agency of the Kingdom of Saudi Arabia, the Public Investment Fund of the Kingdom of Saudi Arabia, the Ministry of Finance of the Kingdom of Bahrain and the Ministry of Finance of the Sultanate of Brunei Darussalam.