KARACHI, April 26: Pakistan International Element Islamic Fund (PIIF), an open end fund, has received Rs800 million in pre-IPO from institutional investors in the country. A press release issued by Arif Habib Investments (the managers of the fund) on Wednesday observed that SBP had, through a circular in August 2005, allowed (after getting its specific approval) locally established mutual funds to invest abroad. It said that PIIF had received a specific approval. The mutual fund is allowed to invest up to 30pc of aggregate of funds mobilised outside the country with a cap of $15 million. PIIF would be open for public subscription for three days, from April 27 to 29.