IDFC Alternatives, the alternative asset management vertical at IDFC, has reached the first close of its second infrastructure fund India Infrastructure II (IIF2) with US$644 million in capital commitments. There will also be a co-investment pool alongside the fund that includes IDFC dry powder of over US$900 million. IIF2, which has a target of US$1 billion, will focus on core Indian infrastructure assets that are both under construction and operational. IDFC is sponsoring the fund with a ten percent commitment. Other investors hail from the United Kingdom, Europe and North America and include participants from IDFC’s first fund.