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ILX beats $1bn target for inaugural impact credit fund

A $300m investment from a Dutch pension fund has helped ILX surpass its target for its vehicle, which focuses on investing alongside development banks in emerging markets.

Emerging markets private credit investor ILX Management has reached its $1 billion target for its inaugural fund after receiving a $300 million commitment from a Dutch pension fund.

ILX Fund I was announced in January 2022 with a $750 million cornerstone investment from APG Asset Management. It has now received a second commitment from Achmea Investment Management on behalf of Netherlands-based pension fund Pensioenfonds Vervoer, bringing its total to $1.05 billion.

The fund will give investors access to the global development finance asset class by co-financing with multilateral development banks operating in emerging markets. It will focus on four investment themes: energy access and clean energy; sustainable industry and infrastructure; inclusive finance; and food security.

Manfred Schepers, chief executive of ILX, said: “Their [Pensioenfonds Vervoer’s] commitment demonstrates their confidence in ILX’s strategy, to enable them to access a diversified pool of sustainable development goal-targeted investments across emerging markets, aligned with their responsible investment objectives as well as their risk-return profile.”

Pensioenfonds Vervoer said its responsibility is to continuously explore options to broaden its investment strategy, which targets sustainable development and impact of climate change.

ILX was created with grant support from the Federal Ministry of Economic Cooperation and Development on behalf of the Germany Ministry for Development Cooperation, the Netherlands Director General for International Cooperation and the UK Foreign, Commonwealth and Development Office.