Aberdeen Asset Management has raised $168 million (€125 million) from Asian institutional investors for its fifth infrastructure fund, which will aim to invest in social and economic infrastructure projects supported by long-term government contracts.
The Aberdeen Global Infrastructure II LP fund will be managed by a 24-person team, led by Gershon Cohen, which already invests in 90 projects around the world. The firm says it currently manages $2.2 billion in infrastructure mandates.
The firm says it has a bias towards greenfield projects in politically stable countries where government procurement policy is clear. In a statement, the firm mentions Australia, which it says is one of the most active markets for public-private partnerships outside Europe. It says activity is increasing in North America despite the complexities of a state-by-state procurement regime.
“The interest in this fund is an insight into the increasing demand from institutional investors who are attracted by the potential for a stable income over a sustained period,” says Andrew McCaffery, global head of alternatives at Aberdeen.
A spokesperson for the company says the fund can be classed as private equity because it invests in unlisted projects.
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