Korea’s state-backed fund seeking a commitment of 1.5 trillion won ($1.27 billion) is looking to raise 900 billion won in private money, its lead fund manager Samsung Asset Management said Tuesday.

The fund has a maturity of 30 years and is set to close all transactions by October 2024.

The fund is designed to target overseas infrastructure assets, ranging from new and renewable energy plants, oil and gas plants, airports and roads to railways and smart city infrastructure.

Managing the 600 billion-won fund-of-funds comprising state budget and public sector investment in the fund structure, Samsung Asset named three local vehicles as partners Tuesday. Samsung will match the money with private investments pooled by Hanwha Asset Management, KDB Infrastructure Investments Asset Management, Korea Investment Management and Samsung Asset.

Each vehicle is responsible for choosing the target for offshore investment. Of their combined investment, at least 60 percent must go to projects where Korean companies are involved.

The fund has been under the supervision of the state-led Korea Overseas Infrastructure & Urban Development since May 2019.

By Son Ji-hyoung (consnow@heraldcorp.com)