Firms from North America and South Korea are teaming up to roll out a fund focusing on the infrastructure sector in the US and Canada.

Canada-based Fengate Capital is teaming up with a South Korean asset management house to target infrastructure investment in sectors such as renewable energy, roads and hospitals in North America.

Fengate and KB Asset Management have a $180 million fund, drawing investors including Lotte Insurance, Heungkuk Life Insurance, Public Officials Benefits Association and Dongbu Insurance.

KB Asset Management recently held an investment fund agreement signing ceremony in Seoul with representatives from Fengate Capital Management, as well as fund investors, the Embassy of Canada to Korea, the Canadian Chamber of Commerce in Korea, Samil PwC, Shin & Kim and Korea Ratings.

Fengate, which oversees around $2 billion in assets, has offices in Canada, the US and Australia.