The Asian Development Bank (ADB) has approved an up to $30-million equity investment in a regional infrastructure fund that will bankroll projects, including those in the Philippines, to support energy transition and digital infrastructure in Southeast Asia.

Documents showed that the Manila-based multilateral lender last June 24 greenlit its investment in Seraya Partners Fund II (SEA), LP, a targeted $400-million private equity infrastructure fund, along with another $30 million through a co-investment sleeve.

The fund forms part of Singapore-headquartered infrastructure investment firm Seraya Partners’ broader strategy to invest as much as $1.5 billion in energy and digital infrastructure assets across the Asia-Pacific region, the ADB said.

According to the ADB, it will participate in investments with significant operations in, or established links to, its developing member countries (DMC).

In particular, the fund will invest in opportunities across the Philippines, Indonesia, Malaysia, Thailand, and Vietnam.

The ADB said its investment is expected to expand access to long-term growth capital for companies developing sustainable infrastructure solutions, allowing them to scale operations while supporting employment generation, improved access to reliable energy and digital connectivity, as well as stronger productive and climate-resilient assets.

While the project does not directly target poor or vulnerable populations, the ADB said the investment would contribute to indirect poverty reduction and inclusion through its focus on energy transition as well as digital infrastructure platforms in emerging Southeast Asian economies, especially Indonesia, Malaysia, and Thailand.

The ADB also said the fund will promote gender equality and women’s empowerment through the application of a gender-lens investing screening tool, adoption of women’s inclusion policies and training, and promotion of women’s participation in leadership and decision-making roles.

These initiatives are expected to strengthen inclusive economic participation and institutional practices throughout the fund’s life, according to the ADB.

To recall, International Finance Corp. (IFC), the World Bank Group’s (WBG) private-sector arm, last February approved a $25-million equity investment in the same Seraya Partners-managed infrastructure fund.

IFC had said its investment anchors the fund’s Southeast Asia emerging markets (EMs) sleeve, which targets investments supporting decarbonization, improved connectivity, and inclusive economic growth, with a core focus on the five Southeast Asian countries.

According to IFC, this EMs sleeve is Seraya Partners’ first dedicated investment vehicle for developing Southeast Asian economies. It will invest alongside another sleeve focused on developed Asia-Pacific markets, with the combined strategy intended to strengthen regional infrastructure value chains, foster greater economic integration, and create new economic opportunities, including job creation.

The fund’s development impact will be monitored through indicators such as renewable energy (RE) generation and digital capacity expansion, according to IFC.