An infrastructure fund focused on sub-Saharan Africa advised by Macquarie Infrastructure and Real Assets and South Africa’s Old Mutual Investment Group, has reached a final close on $500 million.

The fund, the African Infrastructure Investment Fund 2 (AIIF2), which reached a first close of $320 million in March 2011, will target roads, airports, rail, ports, social infrastructure, power and telecommunications. About 24 percent of the fund is already invested in the transport sector, the advisers said.

Limited partners in AIIF2 include U.K.-based development finance institution