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African Infrastructure Investment Fund 3, which was aiming for $750m, is over 50% committed as it nears its 10th investment.

The world’s largest pension fund has increased its commitments to fund-of-funds mandates from ¥50bn to ¥148bn in one year.

The vehicle is being led by Hong Kong-based Hajir Naghdy, who joined from Macquarie Capital at the end of last year.

The assets, valued at $3.6bn, will be acquired through an infrastructure investment trust set up by owner Reliance Industries.

The vehicle is targeting high single-digit returns and will focus investments mostly in Europe.

More than 80 investors committed to the New York-based firm’s inaugural infrastructure fundraise.

Unlisted assets, including infrastructure, continued to deliver solid returns for Australian superfunds but returns were down on 2017-18 as listed assets bounced back.

Digital infrastructure comes to the forefront as average fund size keeps getting bigger. Find out more in our latest fundraising report.

The launch of the latest vehicle comes two years after the fund manager closed its GRPF II on $1.6bn, which has invested in more than150 projects.

The firm has already announced investments from its Global Infrastructure Opportunity Fund in projects including New York's JFK Terminal One modernisation.