Saudi Arabia’s sovereign Public Investment Fund is set to become an anchor investor in a new $800m Gulf infrastructure fund set up by Aberdeen Standard Investments and Investcorp, people briefed on the fund’s strategy said. Bahrain-based Investcorp, the Middle East’s largest alternative investment manager, is finalising the infrastructure fund’s first close at about $250m, which could be announced as early as next week, the people added. Last month, the Aberdeen Standard Investcorp Infrastructure Partners announced Sir Michael Fallon, a former UK minister, as chair of the investment platform, replacing Lord Gerry Grimstone, a former chair of Barclays and Aberdeen Standard Investment, who has become the UK’s minister of investment. The PIF, which has become the most dominant force for economic development in Saudi Arabia under Crown Prince Mohammed bin Salman, will be an anchor investor alongside a large Asian institution.