Tue, 01/07/2014 - 15:00
Allianz Global Investors has launched a UK Infrastructure Debt Fund aimed at institutional investors, which will invest in long-term, investment grade, core UK infrastructure assets.
As well as providing institutional investors with the long-term stable cash flows they need to match their future payments needs, infrastructure debt also offers them the opportunity to invest in projects that support the UK’s economic competitiveness and quality of life.
The fund, which will raise up to GBP500 million, already has commitments from a number of investors, including Nippon Life, the Japanese insurer.
Deborah Zurkow, chief investment officer for infrastructure debt at Allianz Global Investors, says: “This launch is a significant moment for infrastructure funding in the UK. This pioneering fund will provide UK infrastructure with a welcome, additional source of investment, helping ensure that the assets the government has identified in its ambitious infrastructure programme, including roads, schools and hospitals, become a reality. This new fund will allow the broadest possible church of institutional investors, including small to medium sized pension funds, access to the long-term, stable cash flows projects like this provide.
“We are excited to be at the forefront of the development of what is a growing asset class for investors and a new funding market for borrowers and government authorities. As this new market continues to develop and mature we expect to see significantly more institutional investor interest, which will help meet society’s need for substantial infrastructure funding.”
Eighteen months ago, AllianzGI became the first global investment manager to establish a dedicated infrastructure debt team in the UK.
Over the last 12 months, AllianzGI has invested EUR2 billion on behalf of its clients into eight infrastructure debt transactions across seven European countries, including the M8 project in Scotland. In addition to these transactions, AllianzGI has a pipeline of investments either at the tender stage or close to completion.
As the asset class has developed, AllianzGI has also seen strong demand from large institutional investors for Separately Managed Accounts in infrastructure debt. The fund will run alongside these.
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