The Dutch infrastructure fund manager has re-entered the fundraising market for its third vehicle. The firm’s Fund II, which it is currently investing, closed on €571m in September 2010, beating a €500m target.
The Stonebridge Infrastructure Debt Fund aims to hold a first close in mid-December with over C$200m of pension fund money. The fund, designed together with pension advisor PBI Actuarial Consultant and PPP Canada, is targeting a C$350m plus final close.
The Australia-based fund manager is aiming to hold a close before Christmas for its European vehicle in the mid-€600m to €700m range. First State recently hired Phillippe Taillardat to co-head its European infrastructure team, with Danny Latham, the other co-head, relocating to Australia.
The UK-listed infrastructure fund manager has made an investment in the second phase of a three-phase Building Schools for the Future (BSF) scheme in the north-west of England. INPP bought a £60m portfolio of BSF interests in August.
Following a recent £131m fundraising, the UK listed infrastructure fund has spent a further £18m on three assets, having already spent £49m on a couple of transport assets a week ago.
The listed fund has spent close to £49m of the £131m it recently raised to acquire Scotland's M6 (pictured) and another transport asset from John Laing. JLIF plans to buy a further seven assets from the developer.
The Sydney-based investor will run the fund, which will target asset disposals by the Irish government and new infrastructure investments in the country. The fund is the brainchild of Irish Life Investment Managers and has already raised €300m.
Arup and the RAC Foundation have identified 96 road schemes – many possessing ‘exceptionally strong business cases’ – which are stalled due to lack of government funding. The two firms urge the use of private sector capital, but note the UK’s reluctance to tolling as a hindrance.
Almost two years ago, all the talk in Europe was around the new phenomenon of infrastructure debt funds. Andy Thomson wonders why things have gone quiet.
In its latest six-monthly results statement, the London-listed infrastructure investment firm saw mark-to-market declines and foreign exchange losses hit its return figures. But the fund delivered strong portfolio income, and said 81% of its portfolio was ahead of budget in performance terms.
The HSBC spinout has managed to raise an extra $200m from investors to close what it is calling ‘the largest fund ever raised that focuses solely on greenfield infrastructure’. The vehicle has already committed more than $400m to a raft of projects.
The listed fund has raised just about £131m via a new share offer, increasing the fund's size to £428m. The proceeds will be used to buy nine operational PPP projects from John Laing, increase a stake in an existing project, and reduce the fund’s debt.
The Dutch and Canadian pensions are investing through 'a convertible instrument maturing in five years' which will give them a stake in the developer. They also have the option to increase their investment to up to €750m.
The Dutch infrastructure fund manager is to acquire 80 percent of a portfolio of public-private partnership interests from Dutch infrastructure services provider Strukton. A unit of Strukton will remain responsible for the day-to-day management of the assets.
Some Spanish regions – like Castilla-La Mancha and Catalonia – have started to fall behind on their contractual payments to concessionaires.