OREANDA-NEWS. April 26, 2010. SOFAZ joined International Finance Corporation, PGGM- Dutch pension fund manager, Korea Investment Corporation and fund from Saudi Arabia in investing in newly created IFC African, Latin American and Caribbean Fund.

SOFAZ reports that the IFC African, Latin American and Caribbean Fund which has a target size of USD 1 billion and will be managed by a wholly owned subsidiary of IFC, IFC Asset Management Company, LLC (AMC), allows sovereign and pension fund investors for the first time to co-invest in a private equity format with IFC in growth opportunities in developing country markets.

During the first closing the IFC African, Latin American and Caribbean Fund has managed to raise USD 600 million of which USD 100 million is committed by SOFAZ. Partnership with IFC in this venture brings a wealth of operational experience in the developing world and very impressive track records of investment performance in these markets.

Commenting this news SOFAZ executive director Shahmar Movsumov said: “This investment is an important milestone in building SOFAZ’s long term strategy aimed at preserving and increasing the wealth of the country and it is the first time when we are partnering with other major sovereign wealth funds and international financial organizations”.

SOFAZ was established in accordance with the Decree of Heydar Aliyev, the President of Azerbaijan in 1999. Its today’s assets exceed USD 14-15 billion.