PIF-backed Oman infrastructure fund raises $1 bln for deals

Rakiza, an infrastructure fund investing in Oman and Saudi Arabia, said it raised $1 billion for its first vehicle and is close to its first deal in the Kingdom.

The fund, which is co-managed by the Oman Infrastructure Investment Management and Equitix Ltd., has already deployed 25 percent of its capital in three projects in Oman including telecom towers and a container terminal, according to a statement. It’s also nearing completion of several other investments including its first acquisition in Saudi Arabia.

“The Gulf Cooperation Council is an attractive home for smart capital, and an exciting investment destination for those with local access,” said Hugh Crossley, Equitix co-founder and chief executive officer.

Founded in 2007, Equitix, a London-based specialist in infrastructure assets, manages almost $12 billion on behalf of investors including many UK pension funds.

Last year, Saudi Arabia’s Public Investment Fund committed 1.13 billion riyals ($300 million) to Rakiza, according to Oman’s state news agency. The Asia Infrastructure Investment Bank has also invested $50 million in the infrastructure fund.