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The investment by PGGM, OPTrust and USS comes two-and-a-half years after their €420m acquisition of the toll road operator.

With our preliminary figures showing just over $10bn raised, the first quarter of the year is a far cry from the $31bn closed in Q1 2017 - even discounting GIP III's record haul.

The latest movements in the Spanish gas company also see existing investors USS and ATP increase their stakes.

Less than two months since OTPP’s head of infra abruptly departed, the pension fund posted an 18.2% infra return, handily beating its 8% benchmark.

More than 20 LPs are backing the 10-year vehicle, which closed on its hard-cap.

The National Infrastructure Commission has appointed consultants to look at such a vehicle to replace EIB funding post-Brexit.

The EIB is currently considering an injection of up to €100m into the vehicle, which has a €700m hard-cap.

The Australian asset manager will lose control of The Infrastructure Fund on 31 March with Utilities Trust of Australia termination date to follow in coming months.

The Hong Kong-listed fund manager is working on reaching a $700m third close and completing its third investment within the next two months.

Robert-Jan Bakker will join the firm in June, after five-and-a-half years at APG. His appointment mirrors the recent hire of QIC’s Vittorio Lacagnina, who holds the same role for the Americas.