The Philippine Investment Alliance for Infrastructure, the country’s first-ever infrastructure fund, has closed on $625m backed by the Philippine’s largest pension fund, Dutch pension provider APG, the Asian Development Bank and Macquarie Infrastructure and Real Assets. The latter also manages the fund.
The bank, in which the UK government owns a 41% stake, said it will channel the funds to projects that form part of the government’s infrastructure plan in areas including energy, transportation and other core infrastructure.
The fund is a partnership between Kasikornbank and solar developer SPCG. It will target seven projects being developed by SPCG with a generating capacity of 52MW.
The Hong Kong investor led a consortium that has just acquired Wales & West Utilities, which manages some 35,000km of gas pipelines across Wales and England. The deal effectively doubles Cheung Kong’s UK gas network, adding to the 37,000km of pipelines it already owns.
Real Infrastructure Capital Partners has managed to raise $50m from a group of development institutions to hold a first close for its Latin Renewables Infrastructure Fund. The latter is targeting a final close of $150m to $200m.
A syndicate of 17 banks backed the French developer in its refinancing of an existing €2bn facility maturing in December 2013. The new €1.78bn syndicated facility has a five-year term.
Cheung Kong Infrastructure, the Hong Kong-based infrastructure investment firm owned by business tycoon Li Ka-shing (pictured), has posted an 18% increase in profits over the last six months, driven by a 45% uplift in the value of its UK portfolio.
The Singapore-based, pan-Asian infrastructure fund manager is approaching the $400m mark for its debut fund which has a target of $500m and a hard cap of $750m. It is thought that the fund will reach its target within the next few months.
The French fund manager has invested €9m in ForVEI, previously a joint venture between VEI Capital and Luxco 2 targeting solar investments in Italy.
Global Infrastructure Partners has raised the hard cap for its second fund from $7.5bn to more than $8bn after seeking approval from existing investors. The fund, which raised $5.5bn at second close, is expected to raise the full amount and become the largest infrastructure fund ever.
The independent fund manager has followed the appointment of veteran banker Iain Macleod with a new director of finance and new investment associates. iCON is thought to be roughly halfway through a €500m fundraise expected to wrap up later this year.
Solar Investment Group has recently started raising the Real Asset Energy Fund, targeting investments in mature renewable sectors mainly across Europe and North America. The 25-year vehicle aims to pay an annual dividend of between 8% and 10% per year.
The UK-listed infrastructure investment firm has acquired a primary care Private Finance Initiative project in north-west England through a holding company joint venture with Kajima Partnerships. The project became operational three years ago.
Following the latest acquisition of two wind farms in France, the funds that fuelled a partnership between Cube Infrastructure and Boralex Europe have now been exhausted. A cash-for-equity deal leaves Cube with a 25% holding in Boralex Europe.
A new survey finds that institutional investors have shifted infrastructure allocations markedly away from emerging markets and towards developed markets over the last two years as they take fright at various risk factors.