BlackRock’s Global Infrastructure Partners (GIP) wants to raise USD 750m for a Southeast Asia-focused infrastructure debt fund, according to a source familiar.

The private credit fund will invest across long-term senior and holdco-level debt, focusing on opportunities including data centres and renewables, the source said. Returns will span single- to double-digits.

Target geographies include the Philippines, Malaysia, and Thailand, he said.

The fundraise will likely conclude soon, said the source.

BlackRock filed for the Emerging Asia Infrastructure Credit Fund in Luxembourg in August 2025.

The private credit fund is established under the Singapore central bank’s Financing Asia’s Transition Partnership (FAST-P) scheme, a USD 5bn blended finance initiative, the source said.

In November 2024, BlackRock, IFC, MUFG, Japan’s Nippon Export and Investment Insurance, and Hong Kong insurer AIA agreed to work on a FAST-P infrastructure debt initiative focused on industrial transformation.

Under the agreement, the parties will seek to provide debt financing in hard-to-abate sectors, low-carbon technology, and industrial opportunities.

GIP expects to write debt cheques ranging from USD 50m to USD 500m in Southeast Asia, the source said. The new fund will not be the sole source of capital; other separately managed accounts and funds can also be deployed into the region, he said.

GIP’s Southeast Asian infrastructure debt business is led by Saul Raccah, based in Singapore. Raccah is a former managing director at Keppel Credit, another regional private credit manager also currently fundraising.

BlackRock is one of several fund managers under Singapore’s FAST-P. Pentagreen Capital, established by HSBC and Temasek, has begun deploying from its Green Investments Partnership fund. Clifford Capital, also Temasek-backed, is in talks to manage ‘Energy Transition Acceleration Finance’, the third pillar under FAST-P.

BlackRock declined to comment.