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The valuation in the UK water asset has also been affected by the upcoming regulatory review, which HICL says ‘represents significant challenges’.

The strategy, which typically targets returns of 8-12%, will follow the Swiss firm’s 2016 vintage which raised €2.2bn.

Indian developer IRB will transfer nine operational and under-construction assets spanning 1,200km to an investment infrastructure trust.

The commitments from the Canadian pension and Australian superannuation fund bring NIIF’s Master Fund to its third close on more than $1.8bn.

The deal is the first by Macquarie Capital since Oliver Bradley returned to the group as managing director for digital investments.

The proposed cuts, to be imposed from 2021, are 'harsher than what we were expecting', according to ratings agency S&P.

The acquisition of a 95% stake in the renewables division of chemical manufacturer Swancor, includes a stake in the 376MW Formosa II project.

The investment by the Singaporean SWF brings the total invested in the pipelines by the trio and an Abu Dhabi pension to $4.9bn.

The fund is targeting $1.25bn and is expecting a first close between $700m and $900m.

The Munich-based fund manager launched the infrastructure vehicle earlier this year with a €500m target and raised two-thirds of its capital from German investors.