Seraya Partners Fund I

Seraya Partners Fund I (legal name: Seraya Fund I L.P.) is a US$800 million closed-end infrastructure private equity fund domiciled in the Cayman Islands as an Exempted Limited Partnership, managed by Singapore-headquartered Seraya Partners. Founded by James Chern and Ivan Chern — both veterans of large-scale infrastructure and private equity platforms in Asia — Seraya positions itself as the first Asia-based independent private equity fund dedicated to next-generation infrastructure investing. The fund launched with AIMCo (Alberta Investment Management Company) as its anchor investor in July 2022, exceeded its US$750 million target at final close on December 12, 2023, and attracted a globally diversified LP base including BlackRock, the Asian Infrastructure Investment Bank (AIIB, $90M commitment), sovereign wealth funds, pension funds, and family offices from North America, Europe, and Asia-Pacific.

Seraya Fund I pursues control-oriented, middle-market platform investments across two thematic pillars: energy transition (offshore wind vessels, solar, onshore wind, battery energy storage systems, EV charging infrastructure) and digital infrastructure (green data centers at hyperscale and colocation, connectivity platforms). The fund targets developed Asia-Pacific markets — Japan, South Korea, and Taiwan — alongside select Southeast Asian emerging markets, with offices across Singapore, Tokyo, Seoul, Taipei, Kuala Lumpur, and Esbjerg, Denmark. Average check size is approximately US$100 million per platform, and the fund targets mid-to-high teens net IRR. A parallel sleeve, the Seraya SEA Energy Transition and Digital Infrastructure Fund, co-invests specifically for AIIB-designated Southeast Asian emerging market commitments.

By Q1 2026, Seraya Partners Fund I had deployed over 50% of committed capital across approximately 50 assets within six platform companies operating in 12 countries, creating over 1,900 jobs. The three flagship platforms include Empyrion DC (Asia's first green data center operator), Cyan Renewables (first pure-play offshore wind farm vessel operator in Asia), and Astrid Renew (solar, wind, and energy storage platform). The fund achieved a net IRR of 19.6% as of Q1 2026 and was ranked number one globally by Preqin for infrastructure funds under US$1 billion in 2025. Seraya is now raising Fund II targeting US$1.0–1.5 billion, with a first close anticipated in 2026, underpinned by strong realized and unrealized performance from Fund I's early platforms.