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M&G closes first Greenfield infrastructure fund

M&G closes first Greenfield infrastructure fund

Infracapital, the infrastructure equity investment arm of M&G Investments, has reached the final close of its first Greenfield Fund, with total commitments of £1.25 billion ($1.6 billion).

M&G said this is well in excess of its £1 billion ($1.3 billion) target and in line with Infracapital’s internal hard cap.

While the fundraising saw significant demand from institutional investors globally, it also attracted new investors from new geographies, with 50% of the capital coming from international investors.

In Asia, the firm saw strong demand from investors for infrastructure investments, both in the form of equity and debt.

‘Large asset owners in Asia, particularly in Japan and South Korea, continue to place capital overseas to diversify portfolios and seek higher yields,’ said Marcel de Bruijckere, Asia Pacific director of institutional business at M&G Investment.

‘Greenfield infrastructure investment, in contrast to already-operational ‘brownfield’ infrastructure, offers an early entry point to the ownership of infrastructure, typically at a higher return with a steady yield over the very long term.’

The fund’s strategy is to invest in the later stages of development, construction and expansion phases of projects and companies across a variety of sectors including communications, energy, renewables, social infrastructure, transport and utilities.

Infracapital has already committed 43% of the Greenfield Fund in five assets: Gigaclear, Bioenergy Infrastructure Group, C2i, Infram Energy, and Nexera.

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