Malaysian firm Pelaburan Mara Bhd (PMB) and the Al-Rajhi Group of Saudi Arabia would be investing seed capital for Basil Fund. PMB said it intended to commit USD 25 million for the Shariah-compliant fund which would be launched soon. AEP Investment Management Pte Ltd, the Singapore-based investment management unit of the Al Rajhi Group, would be managing the Basil Fund together with PMB.

PMB Chief Executive Officer Nazim Rahman told The Malaysian Reserve that the fund would seek to give a minimum net yield of anywhere from 5% to 15%. "The money will be invested in assets like data centres, industrial parks, office buildings, etc that are secured against long leases with major corporate and government tenants," he added.

Rahman also said that the Al-Rajhi Group would also invest USD 25 million in the Basil Fund. PMB is also talking with investors from Qatar and Brunei to be able to increase the size of the fund to USD 200 million.