Macquarie Bank and Shinhan Bank, the joint managers of Korea’s first private infrastructure fund, the Korean Road Infrastructure Fund (KRIF), recently acquired its first asset. It has bought the 28-year concession rights to a 5.6km long toll road in Kwangju, Korea’s fifth largest city, from a consortium led by Daewoo Engineering & Construction for US$146M. KRIF’s equity contribution amounted to US$39.3M, while the balance was funded by a non-recourse debt raised in the Korean syndicated loan market. The Kwangju Second Beltway consists of four tunnels and ten bridges, with two separate tolling points. KRIF has also secured exclusive or preferred positions to invest in six other toll roads in other major Korean cities.