China-ASEAN etst Investment Cooperation Fund

What China-ASEAN etst Investment Cooperation Fund does

The China-ASEAN Investment Cooperation Fund (CAF) is a USD-denominated offshore quasi-sovereign equity fund, announced by Chinese Premier Wen Jiabao in 2009 and formally approved by the National Development and Reform Commission in 2013. It is sponsored by the Export-Import Bank of China together with other institutional investors, operating under the direction of the PRC State Council. The fund invests in infrastructure, energy, and natural resources projects across ASEAN member states via direct equity and quasi-equity instruments, targeting toll roads, rail, container ports, airports, telecom, water and wastewater, oil and gas pipelines, social infrastructure, conventional and renewable power, industrial and precious metals, and plantation-related assets.

CAF deploys capital through minority stake co-investments alongside strategic investors, with typical deal sizes of USD 50–150 million in both listed and non-listed companies and in Greenfield and Brownfield structures. Phase I is sized at USD 1 billion with an ultimate target of USD 10 billion; a successor vehicle, CAF II, has been established with a mandate that includes AI and digital infrastructure, exemplified by a USD 1 billion commitment into Singapore-based Racks Central for AI-ready data centers across the Singapore–Johor–Batam corridor, with ESR acting as sub-advisor. Headquartered in Central, Hong Kong, the fund is staffed by EXIM Bank alumni including CEO Dr. Li Wen and COO Song Siyuan, and operates on a subscription/recurring revenue model deriving returns from capital appreciation, dividends, and exits on its portfolio.

Name

China-ASEAN etst Investment Cooperation Fund

Legal name

China-ASEAN Investment Cooperation Fund

Website

https://china-asean-fund.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Quasi-sovereign USD equity fund, sponsored by China EXIM Bank under PRC State Council direction, investing minority stakes of USD 50–150 million in ASEAN infrastructure, energy, and natural resources, with a USD 1 billion Phase I and USD 10 billion ultimate target and recent expansion into AI data centers via CAF II.

Ownership category

akta.pro rank

Product category

Sovereign Private Equity Fund

NAICS

Other Financial Vehicles (52599)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

akta.pro secondary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Private equity investment
• Infrastructure financing
• Sovereign equity fund
• ASEAN investment
• Energy and natural resources

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Returns and Capital Appreciation: The fund generates returns through equity and quasi-equity investments in ASEAN infrastructure, energy, and natural resources projects. Returns are realized through capital appreciation, dividends, and exit proceeds from portfolio companies. The fund invests in both listed and non-listed companies, as well as Greenfield and Brownfield projects.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

CAF is a USD-denominated offshore quasi-sovereign equity fund sponsored by the Export-Import Bank of China that invests in infrastructure, energy, and natural resource companies and projects across ASEAN countries. It deploys USD 50–150 million per transaction, typically as a minority stake alongside strategic co-investors, in both listed and non-listed companies as well as Greenfield and Brownfield projects. A second phase (CAF II) extends the strategy to AI-ready data center investments across Southeast Asia.

Product overview

The China-ASEAN Investment Cooperation Fund (CAF) is a USD-denominated offshore quasi-sovereign equity fund sponsored by the Export-Import Bank of China (EXIM Bank) and other institutional investors, approved by China's State Council and National Development and Reform Commission (NDRC). The fund focuses on investment opportunities in infrastructure, energy, and natural resources across ASEAN countries. CAF provides capital to outstanding enterprises in China and the ASEAN region, with typical investment sizes of USD 50 to 150 million, preferring minority stake investments through a co-investment model. The fund operates in two main phases: Phase I with a target size of USD 1 billion, and Phase II (CAF II) focused on AI infrastructure investments. Target sectors include toll roads, rail, container ports, airports, telecom, water/wastewater, oil & gas pipelines, social infrastructure, conventional/renewable energy, industrial metals, precious metals, and plantation-related assets.

Differentiator

Problem solved

Functional benefit

Products and services

• China-ASEAN Investment Cooperation Fund (CAF) — Phase I USD-denominated offshore quasi-sovereign equity fund sponsored by EXIM Bank that invests USD 50–150 million in minority equity or quasi-equity stakes in ASEAN infrastructure, energy, and natural resource companies and projects. Eligible holdings include listed and non-listed companies as well as Greenfield and Brownfield projects, with Phase I target size of USD 1 billion.
• CAF II — AI Data Center Investment Program Second phase of the China-ASEAN Investment Cooperation Fund focused on strategic equity investments in AI-ready data center infrastructure across Southeast Asia, exemplified by a USD 1 billion investment into Singapore-based Racks Central to develop a 510 MW campus in Johor, Malaysia and expand along the Singapore–Malaysia–Indonesia corridor. ESR acts as sub-advisor.

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• GIC (Singapore): Singapore's sovereign wealth fund that invests heavily in Asian infrastructure and real assets. Comparable long-duration, large-ticket equity approach and deep ASEAN relationships, though GIC manages a much larger and globally diversified portfolio.
• Temasek Holdings: Singapore's state-owned investment company with a portfolio heavily concentrated in ASEAN infrastructure, financial services, and resources. Comparable sovereign-equity LP/operator profile and deep ASEAN network, though Temasek is much larger (USD 300B+ portfolio) and more diversified across sectors and geographies.
• Khazanah Nasional: Malaysian sovereign strategic-investment fund that deploys equity into domestic and regional infrastructure, energy, and resource assets. Shares CAF's combination of commercial and strategic mandate and active-asset stewardship approach, albeit with a more domestic-Malaysian tilt.
• Macquarie Asset Management (Infrastructure): The world's largest infrastructure manager with deep exposure to ASEAN toll roads, ports, and renewables. Competes with CAF for the same large-cap Asian infrastructure assets and represents the leading commercial benchmark for returns on the strategy.
• China Investment Corporation (CIC): China's primary sovereign wealth fund. Sits upstream of CAF as a capital provider within the Chinese state-investment architecture, and shares the quasi-sovereign, USD-denominated, long-duration equity mandate, though CIC invests globally and across asset classes rather than focusing on ASEAN infrastructure.

Direct peers

• Silk Road Fund: China's other sovereign-backed outbound equity fund, established in 2014 to invest along Belt and Road corridors. Like CAF, it deploys patient equity capital in infrastructure and resource projects and shares the same PRC strategic-mandate overlay and EXIM/CDB sponsorship ecosystem.
• International Finance Corporation (IFC): World Bank Group's private-sector development finance arm. The closest conceptual analog to CAF: quasi-sovereign equity investor focused on emerging-market infrastructure and resource projects, blending commercial returns with development impact, with a multi-billion-dollar AUM.
• Asian Infrastructure Investment Bank (AIIB): China-led multilateral development bank with a mandate to finance infrastructure across Asia. Overlaps with CAF on infrastructure sectors, ASEAN geographies, and the China-sponsored development-finance positioning, though AIIB is primarily a lender while CAF deploys equity.
• Asian Development Bank (ADB): Multilateral development bank focused on Asia-Pacific infrastructure financing. Competes with CAF for ASEAN infrastructure mandates and shares development-finance DNA, though ADB is primarily a lender and increasingly an equity investor via private-sector windows.

Regional players

• Mubadala Investment Company: UAE sovereign investor with a growing Asia-Pacific infrastructure and technology footprint. Comparable in mandate (state-backed, long-horizon equity, infrastructure tilt) and in acting as a strategic co-investor in regional digital-infrastructure deals, though headquartered in Abu Dhabi rather than Asia.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/us-1bn-infrastructure-private-equity-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China-ASEAN etst Investment Cooperation Fund