Australia's Hastings raises $626m for infrastructure fund
Hastings Funds Management announced that its Utilities Trust of Australia (UTA) has reached a first close on its infrastructure fund with commitments of A$610 million ($626 million). The amount is in line with expectations outlined in January 2012 and includes contributions from existing and new investors.
Established in 1994, UTA is an unlisted unit trust that invests in infrastructure projects globally. It has delivered returns exceeding 11% per annum since inception and has a portfolio of 17 investments across Australia, UK, Europe and USA with a net asset value of A$2.6 billion. The fund's 2012 capital raising is still open to both existing and new investors.
The latest commitments will be used to support organic growth opportunities within UTA's existing portfolio, including Perth Airport and the widening of the Sydney M5 toll road. The firm will also channel part of the capital to fund UTA's recent A$250 million investment in the Sydney Desalination Plant, new investments and meeting other obligations of the fund.
"We believe UTA offers investors a well managed, quality portfolio of assets in the core infrastructure space," said, Richard Hoskins, Chief Executive Officer of UTA and Executive Director at Hastings. "It has delivered strong, consistent returns through the challenging economic conditions of recent times."
Hastings is a specialist infrastructure fund manager that has approximately A$6.7 billion in funds under management across a range of listed and unlisted infrastructure equity and alternative debt vehicles.
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