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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Pakistan’s Securities and Exchange Commission (SECP) announced a dedicated “Infrastructure Schemes” category for open-end collective investment schemes on August 22, 2025. The announcement describes eligible fund structures, infrastructure sectors, minimum-size and seed-capital requirements, allocation and fee limits, and possible redemption windows. It does not establish that a particular fund is currently open to investors, or confirm that every announced provision remains unchanged in later circulars.
What the framework is intended to do
SECP said the new category is intended to make infrastructure-focused mutual funds more visible and channel long-term savings into infrastructure development. The proposal had been presented at the Mutual Fund Focus Group Session 2025 and identified as a milestone in the Fund Management Department’s Roadmap 2025–26. SECP said it consulted MUFAP and other stakeholders before finalizing the framework. This stated policy aim is not evidence that a particular project has received funding or that a measured amount of investment has followed. SECP’s August 22, 2025 announcement
To explain the financing need, SECP’s August 2025 release reported an estimated annual infrastructure financing requirement of nearly USD 15 billion, current infrastructure spending of 2.1% of GDP, and a global infrastructure-spending standard of 8–10% of GDP. The release did not provide a separate study citation or methodology for those estimates, so they should be read as figures reported by SECP, not independently verified measures.
Which fund types and sectors are covered?
Under the announced framework, an asset management company (AMC) may categorize an Infrastructure Scheme as equity, debt, or hybrid, depending on its investment focus. SECP listed these eligible sectors:
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- Energy, transport, logistics, water, sanitation, and communications.
- Social or commercial infrastructure, including hospitals, educational institutions, industrial parks, affordable housing, and tourism facilities.
The list describes sectors eligible for the category; it does not mean every scheme can invest in every sector. A specific fund’s mandate is set out in its offering document.
What requirements did SECP report?
The following terms are those described in SECP’s August 22, 2025 announcement. They are not a substitute for checking the current operative circular and a particular scheme’s offering documents.
| Area | Provision reported by SECP |
|---|---|
| Minimum fund size | Rs. 100 million for perpetual schemes. For closed-end schemes, the minimum is measured at the close of the subscription period. |
| AMC seed capital | At least Rs. 25 million in closed-end schemes with a maturity exceeding three years; the announcement does not state this as a requirement for every scheme. |
| Infrastructure allocation | At least 70% of net assets in infrastructure securities, measured quarterly. A shortfall must be regularized within three months. |
| NAV disclosure for closed-end schemes | Disclosure intervals may not exceed one month, as specified in the scheme’s constitutive documents. This is not a daily-pricing requirement. |
| Management fee cap | Up to 3% a year for equity schemes; up to 1.5% a year for debt schemes; hybrid schemes use a weighted average based on asset allocation. |
| Sales load | No sales load is permitted, although a contingent load may apply for early redemption in closed-end schemes. |
The fee figures are reported limits, not a statement of what any specific fund charges. The fund’s documents are needed to establish its actual fees and other terms.
Can investors redeem their money?
SECP said closed-end schemes may offer periodic subscription and redemption windows after one year, subject to conditions in their offering documents. “May” is permission, not a guarantee that a window will be offered on a particular schedule or that an investor can exit on demand. For a closed-end scheme, check its maturity, window dates and conditions, NAV disclosure schedule, and any contingent early-redemption load before investing.
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Are Infrastructure Schemes available to investors now?
The official SECP circular registry lists “Circular 23 of 2025- Infrastructure Funds,” dated October 23, 2025, and a separate mutual-funds master circular entry, Circular No. 18 of 2026, dated June 30, 2026. SECP’s record for the latter says the page was last updated July 28, 2026. The existence and dates of these records do not by themselves show that a specific fund has launched or is accepting subscriptions. SECP circulars registry SECP record for Circular No. 18 of 2026
The text of Circular 23’s linked PDF was not available for review, and the 2026 master-circular document’s infrastructure-specific provisions were not reviewed. Accordingly, the August 2025 announcement is the basis for the detailed terms above; it is not confirmation that every term remains unchanged or that it is the complete current operative text. For current availability and terms, check SECP disclosures and the relevant AMC’s current offering document.
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What to check before considering a fund
- Whether the AMC’s current offering document identifies the scheme as an Infrastructure Scheme and specifies its permitted investments.
- Whether it is perpetual or closed-end, and, if closed-end, its maturity and any subscription or redemption windows.
- The fund’s actual fees, NAV disclosure schedule, risk disclosures, and any contingent early-redemption load.
- Whether the AMC and SECP have published current disclosures showing that subscriptions are open.
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