Fundraising

DIF Infrastructure II reaches third close

The fund has increased its total commitments to €275m and welcomed four new investors, including two Dutch pension funds and two international investors. DIF is targeting a final close of €500m in April 2010 for its second infrastructure fund.

By
Bruno Alves
-

DIF Infrastructure II – the second infrastructure vehicle of Dutch fund manager DIF – has announced its third close on €275 million.

DIF: building-up to
€500m final close
The fund attracted new commitments from two Dutch pension funds and two international investors, the fund manager said in a statement. These will join existing investors such as Dutch pension fund APG, the European Investment Bank and Partners Group. DIF is targeting a final close of €500 million in April 2010.

The fund has already invested €150 million in a portfolio of 18 projects across Europe procured via public-private partnerships or as part of the UK government’s private finance initiative (PFI), a standardised procurement process involving the private sector. Additionally, it has also invested in an 82-megawatt portfolio of onshore wind assets in Germany.

DIF Infrastructure II has been particularly active in the PFI secondary market of late. It recently acquired a 12.5 percent stake in the UK’s largest hospital PFI – the £1.7 billion (€1.9 billion; $2.8 billion) Bart’s Hospital project – from the Commonwealth Bank of Australia. Prior to that, it purchased a 50 percent stake in a portfolio of 10 PFI schools from UK construction company Amey.