The Dutch developer has kick-started its partnership with PGGM by transferring three operational PPPs to their recently formed, €390m joint venture. The latter will invest a further €100m in buying existing PPPs from BAM and allocate about €240m to bid for new assets.
In a series of filings to the Securities and Exchange Commission, the New York-based global infrastructure fund manager, led by Adebayo Ogunlesi (pictured) disclosed it has raised just over half of its intended $6bn final target.
The deal sees the Japanese bank acquire a 15% stake in the Australian fund manager for A$425m as well as taking a board seat. AMP will be able to distribute its products to Mitsubishi’s extensive investor base.
The prospectus announcement for Bilfinger Berger Global Infrastructure shows that it will seek to raise no more than £212m – compared to a previously announced £245m ceiling. The fund will be listed on the London Stock Exchange.
The private equity arm of the French insurer has added just over €50m to the €750m it had managed to raise by late September. AXA aims to raise up to €950m for its third infrastructure fund by year end, but potential LPs are waiting to find out who the unit’s new owner will be.
Infrastructure Investor gathered six European investment professionals together to discuss the impact on the asset class of developments in the Eurozone. Fundraising, refinancing and trust in counter-parties were among the subjects considered in this context.
The AMP Capital Infrastructure Debt Fund has held a third close following an allocation from East Riding of Yorkshire Council Pension Fund – its first UK pension investor. The fund has welcomed six new LPs from the UK and Japan and clinched its first US deal.
Japanese bank SMBC was the buyer, picking up the project finance loans for around 85% of their value. The Irish bank expects to net €470m from the sale. In total, the bank has sold some €1.55bn of project finance loans at 90% of their value.
The government hopes to unlock up to £20bn from local pensions to help fund projects and will work with British insurers to ‘create a new asset class of infrastructure bonds’. The China Investment Corporation and fund managers including Meridiam and Hermes have given a thumbs-up to the plan.
UK Chancellor George Osborne has captured the attention of the pension fund community with his £30bn infrastructure plan. But encouraging pensions to start writing cheques is a daunting proposition.
The government has signed a memorandum of understanding with the National Association of Pension Funds, which represents pensions holding some £800bn of assets, and the Pension Protection Fund to pave the way for up to £20bn of pension fund investment in UK infrastructure.
The London-based global funds of funds manager has recruited Heiko Schupp from pan-European infrastructure fund manager EISER as head of European infrastructure investments – a newly created role.
IVG Immobilien argues that Fukushima has changed the German energy infrastructure landscape, creating opportunities for real estate investors to plug into the space. IVG is the latest in a growing list of real estate companies and fund managers turning their attention to infrastructure.
Global Infrastructure Partners, the New York-based global infrastructure fund manager, has so far raised around $2bn for its second fund and is thought to be targeting a first close by the end of this year. The fund has a $6bn final target.
Should investors be so eager to apply thumb-screws to GPs on fund economics?