Spanish asset manager Bestinver has completed the first close of its new infrastructure fund at EUR100 million, accounting for 33 per cent of the fund’s targeted size.
The first close has taken place just four months after the fund’s marketing began. Bestinver aims to approve further closings throughout the year and a final closing of the fund within the next 12 months.
Rafael Amil, Bestinver’s business director, says: “Our first infrastructure fund is having a very encouraging uptake and we have exceeded our expectations for this closing. We believe the fund’s distinctive nature has been recognized”. In addition, Amil explains that “we have managed to attract both institutional and retail investors”.
Bestinver Infra FCR expects to complete the acquisition of its first assets in the coming weeks: a 5 per cent stake in a global renewable energy portfolio and minority interests in Spain’s CM-42 highway and the Ibiza (Balearic Islands) and San Sebastián de los Reyes (Madrid) hospitals.
Francisco del Pozo, Bestinver’s head of infrastructure funds, points out that “these investments have allowed us to be present in three different sectors through 55 assets across 12 countries, thus providing the fund with a global nature since its inception”.
“Being part of Acciona has granted us access to very high-quality assets that act as the fund’s base investments,” says del Pozo.
Sixty per cent of the capital committed for this first closing comes from long-term investors who have been with Bestinver for more than five years, which shows their confidence in the fund manager and their willingness to invest in new products. In addition, Bestinver Infra FCR has also attracted new clients, who represent 36 per cent over the total.
Bestinver has targeted to reach assets under management of at least EUR1.5 billion over the next five years in its new infrastructure fund business.
