AXA backs new fund turning climate resilience into an investable asset class

AXA and the Insurance Development Forum announced the first close of the Infrastructure Resilience Development Fund, a debt fund managed by Global Infrastructure Partners, now part of BlackRock. The fund is based on a blueprint developed by IDF members including AXA, Convex, Generali, SCOR, Swiss Re, and Zurich, with the goal of closing natural catastrophe protection gaps and improving resilience in emerging markets.

The IRDF will invest in small and mid-sized infrastructure projects across Latin America, Asia, and Africa, spanning water systems, waste management, energy, transport, hospitals, and digital infrastructure. Investors gain access to a blended pool of senior and mezzanine debt aimed at delivering stable returns along with social and environmental benefits.

The first close raised $340 million, with commitments from the International Finance Corporation and several IDF members. The fund has already approved its first investment and is building a pipeline, with fundraising continuing into 2026 to bring in more insurers and institutional investors.