The fund has reached a first close with $479m in commitments from institutional investors from Europe, North America and Asia, including PGGM and the Korean Teacher’s Credit Union. It will also have access to an extra $250m for co-investments. Final close is scheduled for 2012.
The 30 largest infrastructure investors have formed $183.1 billion for the asset class over the last five years – a more than 30% increase from the $140.5 billion totalled in last year’s debut ranking. Goldman, CPPIB, Ferrovial and APG Asset Management join Macquarie in the top five.
Make no mistake - ‘developer funds’, listed and unlisted, are competing against GPs on fees, while still providing LPs with asset management services.
The UK listed infrastructure investor currently holds 40 infrastructure investments after it spent over £168m on acquisitions over the last year.
The long-term partnership between the Dutch pension and developer BAM PPP is worth €390m and will target social and transport projects across Europe. BAM will transfer €150m of assets into the new joint venture, with the remaining €240m to be used for new acquisitions.
The Australian sovereign wealth fund continues to increase its exposure to real estate, private equity and infrastructure, according to its Q1 2011 portfolio update. Future Fund’s infra and timberland assets increased by A$562m in the first three months of the year.
The Australian fund manager has raised €241m at first closing for an infrastructure debt fund which is targeting opportunities in OECD countries. The vehicle, which has a final target of €500m, is one of a clutch of infrastructure debt funds launched to boost financing options for the asset class.
Some emerging themes could be glimpsed at our Infrastructure Investor: Europe event in the German capital. We took note
The Swiss investor has closed Partners Group Global Infrastructure 2009 with commitments from pensions, insurers and endowments, among others. The vehicle already counts 17 investments in its portfolio.
The fund manager has closed its first Canadian infrastructure fund a year after reaching first close on C$175m. The fund will target Canadian brownfield and greenfield projects and has already acquired three assets.
In a ‘blow’ to African private equity, Richard Laing will quit the development-focused fund of funds in early 2012 after the completion of a government review of its activities.
Australia’s Future Fund has made further increases to its real estate, private equity and infrastructure portfolios as its overall assets under management grow past the A$70 billion (€50.6 billion; $69.4 billion) mark for the first time.
CIC is to open an office in Toronto according to a report by CNBC. The office is only the second to be opened by the $300 billion sovereign wealth fund outside of Greater China since its inception in 2007.
Christoph Schumacher has left the firm after six years as the head of indirect investments of the insurance group’s asset management arm. He will now serve as managing director of real estate funds for a large German banking group.
Australia’s A$69bn Future Fund has continued to grow its real estate exposure, reporting increased assets of 1.2 percent to A$3.4 billion from the six months to 30 September. According to the fund’s annual report released today further increases to real estate and other “tangibles” are planned.