Joint investment managers Keppel Data Centre Investment Management (Keppel DCIM) and AEP Investment Management (AEPim) has announced the initial closing of Securus Data Property Fund, the world’s first Shariah-compliant data centre fund.

Keppel Telecommunications & Transportation and AEP Capital, part of Saudi Arabia-based Al Rajhi Holding Group, are co-sponsors of Securus Fund.

Securus Fund’s initial closing was achieved at US$100 million ($142 milion) with institutional investors from the Middle East and Asia including a Brunei institution Perbadanan Tabung Amanah Islam Brunei (TAIB) as a cornerstone investor.

Securus Fund intends to acquire a high quality portfolio of data centre assets across its target markets in Asia Pacific, Europe and the Middle East and will consider both existing income-generating data centre assets and development opportunities. The fund is currently assessing a number of opportunities within its target markets.