Matthieu Favas
The London-listed fund plans to sell down part of the UK’s HS1 rail link after completion of the £320m deal, replicating similar efforts following its investment in Affinity Water.
The project company for London’s £4.2bn ‘super-sewer’ will use the private placement's proceeds for 'general corporate purposes'.
The milestone for Fund IV, which targets a gross IRR of 11%, comes after the manager teamed up with HICL and NPS to buy the concession for the UK’s HS1 rail link.
The US firm’s latest vehicle is expected to close shortly before the possible return of ArcLight, another energy-focused firm, to the fundraising market.
Regulatory changes could hit utility companies’ cashflows and heighten downside risk, says S&P.
A Danish infrastructure fund and a Saudi contractor have expressed interest in UK offshore transmission projects, which are also being eyed by institutional debt providers.
The existing LP will buy the fund from the Dutch manager, helping it return a net IRR of more than 10% to investors.
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New all-senior debt package replaces costly €300m mezzanine facility.
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Sovereign wealth funds are sounding a pessimistic note on core infra. But, while they’re advocating new strategies, they don’t seem ready to jump ship just yet.
The emerging markets firm agreed to sell the company to a Chinese utility last October in a $1.8bn deal that has yet close.