Insurance Development Forum launches $340m fund for resilient infrastructure

The Insurance Development Forum (IDF) has launched the Infrastructure Resilience Development Fund (IRDF), securing a first close of $340m to finance resilient infrastructure in emerging markets and developing economies.

The fund is managed by Global Infrastructure Partners, part of BlackRock, and is built on a blueprint designed over the past two years by IDF members including AXA, Convex, Generali, SCOR, Swiss Re and Zurich.

It is structured to meet the investment criteria of insurers and other institutional investors while supporting the IDF’s mission to close protection gaps and strengthen resilience to natural catastrophes.

The IRDF will invest in small and medium-sized commercial infrastructure projects, targeting sectors such as clean water and water management, waste and energy systems, transport, hospitals and digital infrastructure.

It will provide investors with access to a blended pool of senior and mezzanine debt designed to deliver stable, risk-adjusted returns and measurable environmental and social impact.

The first close includes a substantial commitment from the International Finance Corporation (IFC) alongside the IDF members that developed the blueprint.

The fund has already authorised its first investment and plans to raise additional capital from insurers and institutional investors through 2026.

Jean-Baptiste Tricot, co-chair of the IDF infrastructure working group and chief investment officer at AXA, said the project marked “an important step in unlocking investment in infrastructure projects in emerging markets and developing economies”.

“Our view is that the resilience theme is highly complementary to infrastructure and will allow for a broad range of investments across different sectors,” he said.

“Having the ability to deploy capital supported by both private and public money through such blended funds is key for institutional investors, and the IRDF is specifically tailored to the needs of insurers and pension funds.”

Ekhosuehi Iyahen, secretary general of the IDF, said the fund’s first close “in a challenging global environment” reflected growing confidence in insurance-led investment.

“It is a first step in what we view as a catalytic endeavour and built on the conviction that this is not only the right thing to do but it is also good for business,” she said.

Mohamed Gouled, vice president of industries at IFC, said investing in reliable infrastructure was “one of the most efficient and impactful ways to drive growth and job creation in emerging and developing economies”.

He added that IFC’s investment in the IRDF would help “crowd in long-term institutional investors such as insurance companies to finance projects that strengthen critical services and support local businesses that create employment opportunities in the communities that need them most”.