Development finance institution International Finance Corporation (IFC) has reached a first close for its IFC Emerging Asia Fund. Investors in the fund include Korea Development Bank and the Fiji National Provident Fund, as well as IFC, which committed US$200 million. The fund will target opportunities that align with IFC’s strategy for the region, including addressing the infrastructure deficit and helping portfolio companies to raise standards and improve risk mitigation. The total amount of capital raised for the fund was not disclosed.